After having made an exchange of letters with the Central Bank, the Treasury faced maturities in pesos in the tender on Wednesday.
The Secretary of FinancePablo Quirno, He cut with a series of tenders in which the level of refinancing in pesos was in the order of 70% to 75%, something that generated controversy due to whether this could be considered as an emission. In the first May call, he achieved a debt roll of 134%, which implies that he could get pesos from the market and renew what he had with the private ones. Remember that on Monday he held a debt exchange with the Central Bank. Also, together with this tender, the exchange was offered to private.
Thus, according to the Ministry of Economy that leads Luis Caputo4,745 proposals were received for the bonds offered by a total Nominal of $ 5.1 billion. Offers were received for 6.3 billion and $ 4.1 nominal billion were accepted, which implies an effective amount of $ 5.4 billion.
The rollover level caught market attention. Faced with this, Quirno clarified on social networks: “We always put the role percentage based on the maturities of the date.” The manifestation of the official came to account that consulting firm 1816 raised an expiration scenario for $ 5.4 billion. “Before the tender, amortizations of other instruments were paid And from there the difference may arise, “Quirno explained.
On the other hand, The Government offered an exchange of a bonus adjustable for inflation (Bancer) that won in June 30, 2026 And a Dual/Tamar Bonus as of December 2026which became a rate of 29%. The operation was done for 100% of what was offered, which is equivalent to 50% participation.
That title took the market preference, above the other long -term bonus adjustable only by Tamar that was made available to the tender. The rate that arose from this is much lower than the letters of the short section that are between 35% and 36% per year.
“The operation represents a debt decrease of 8.32%, which at a technical value amounts to $ 559.40 billion, If a valuation of the instrument is considered as if paying fixed rate, or 6.56%, which at a technical value amounts to $ 440.80 billion, if it is considered a valuation of the instrument at a variable rate, “the portfolio explained. $ 6 billion were awarded to effective value.
Regarding the tenderthe Adjustable Bonus for Mass Fixed Term Interest (Tamar) was deserted. Other instruments were:
- 06/30/25 (S30J5) $ 1,984 billion at 2.60% are/36.00%
- 07/31/25 (S31L5) $ 1,373 billion at 2.60% are/36.11%
- 08/29/25 (S28G5) $ 0.324 billion at 2.54% are/35.08%
- 11/22/25 (S28N5) $ 0234 billion at 2.52% are/34.77%
- BANCAP A: 01/30/26 (T30E6) $ 0.935 billion at 2.53% are/34.97%
- Zero bonce coupon A: 10/30/26 (Tzxo6) $ 0.559 billion at +9.44%
Source: Ambito
