This Monday, they advanced an average of 0.5% and continued the demand boom. Lower inflation expectations and a doubt: will the Economy go back to bidding on a fixed rate this week?
The furor for debt in pesos at a fixed rate does not stop in the secondary market. This Monday, the Lecaps and Boncaps rally continued its coursestarted in October due to the consolidation of expectations of a slowdown in inflation and strengthened last Friday due to the lowering of the monetary policy rate implemented by the Central Bank.
According to calculations of Nicholas Cappellasales trade IEBduring the first round of the week, fixed-rate sovereign securities operated with average increases of 0.5%, which led to the yield curve being compressed a little more than Last Friday they had already drilled the 3% monthly effective rate on most instruments.
In particular, the Boncap They rose 0.64% as of December 2025 and 0.43% as of October. While the Lecap Long stocks rose to 0.64% and short stocks rose to around 0.1%. At the closing prices, they were yielding between 34.40% TNA (as of November 11, 2024) and 41.53% TNA (in the Boncap as of December 2025), the SBS Group indicated.
Thus, fixed rate securities took another step in their rearrangement after the rate reduction applied by the BCRA (from 40% to 35% TNA) for the first time since May. The BCRA Monthly Effective Rate (TEM) became of the 2.92% and Lecap and Boncap were aligned with that variable.
The decision of the presiding entity Santiago Bausili It fed back to the upward trend that fixed-rate Treasury securities had already been carrying since recent weeks. On Friday they jumped 1.4% in the long section and 0.6% in the short, which was based on the increase of 11% and 5% that they had experienced in October, respectively.
What is it due to? In general, the interpretation of analysts is that asset prices and returns reflect that The market began to “buy” more eloquently the Government’s message that inflation will continue its slowing trend and that, for this reason, investors sought to secure fixed rates for longer terms in the expectation that returns would compress even more in the future.
Lecap, Boncap and the next tender
With the compression of the curve, The question that began to circulate in the city is what the Ministry of Economy will do this Tuesday, when he announces the call for the first debt tender in pesos of November, which will be held on Thursday. Will you offer Lecap or Boncap again after bidding only CER bonds at the end of October?
There are those who believe that the drop in yields recorded and the higher maturities ($2.9 trillion on this occasion versus $1.6 trillion last week), it is most likely that fixed rate instruments will reappear.
Personal Investment Portfolio (PPI) He raised it in his weekly report: “Friday’s rate compression, the slightly larger amount of maturities and the small jump in the CCL after the BCRA’s decision, we believe encourages the Treasury to offer Lecap again.”
Source: Ambito
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