Most of the awarded ($ 2.53 billion) corresponded to a short -term fixed rate (LECAP) letter (March). The monthly effective rate (TEM) validates for this instrument was from 2.53%figure that exceeds the expected inflation for the first quarter and is located in line with the yields observed in the secondary market.
In addition, the Ministry of Finance He captured $ 1.87 billion on three other Lecapsexpiring in May, July and November, respectively, with rates of between 2.2% and 2.5%. Less demand had a boncap and a bonus tied to inflation (CER) with expiration date in February 2026 and the Bonus adjusted to the evolution of the official exchange rate (dollar Linked)January of next year.
From the Government they assured that the market does not foresee a devaluation
“Today we offered dollar Linked as of January 2026 … and almost no one came (we awarded $ 80,000 million to devaluation +5%). One thing is those who think, another the market, “said Secretary Pablo Quirno In your X account.
The statements from the government occurred within the framework of the discussion about the sustainability of the exchange scheme. Faced with the obvious exchange rate appreciation, which is generating a strangulation of external accounts in a framework of negative net reserves, Many economists warn that an orderly led with this value of the dollar is not very feasible. On the contrary, in the ruling party they deny any type of nearby devaluation, which would have been reflected in market preferences in this last tender.
For the economist Gabriel Caamaño Many investors are looking for more dollar rate differentialin a context of the “Crawling Peg” and greater attraction for “Carry Trade” strategies. “It is also true that still validating rates in pesos that have been rising in secondary, everything that was overcome was renewed,” said consultant holder Ledesma and Outlier.
Depending on what is placed, Santiago López AlfaroPresident of Patent Securities, he explained in dialogue with the scope that investors did not want to take a lot of long risk and that the market is not going to be a devaluation. Regarding the “Roll Over” of almost 80%, it sees it as something healthy since “it responds to the fact that banks are giving a lot of credit and need liquidity.”
Lecaps exchange
On the other hand, the Treasury He redeemed a LECAP that won in March for another with a term to November this year. This operation awarded $ 0.468 billion to a SM of 2.29%.
“We should think of redeeming LEFI. With this volatility, perhaps, banks prefer an internal instrument. Acting duration with instruments without public offer is not a problem. That goes against deposits and there is stocks,” said the economist and researcher at the institute Interdisciplinary of Political Economy (IIEP), Damián Pierri.
Source: Ambito
I am an author and journalist who has worked in the entertainment industry for over a decade. I currently work as a news editor at a major news website, and my focus is on covering the latest trends in entertainment. I also write occasional pieces for other outlets, and have authored two books about the entertainment industry.
