Bonds and coverage: the appetite is reactivated by the Linked dollar as the elections are approaching

After the departure of the stocks, when the new exchange scheme was announced, the market seems to have “forgotten” the Bonds Linked to the Official Dollar (Dollar Linked). However, as the October elections approach, these titles could gain prominence for the fear of a Greater fluctuation of weight-to-wheel parity.

While there are indications that the ruling could achieve a good election and win greater power in the chambers of deputies and senators, the reality is that There is no certainty that this is so. Therefore, many savers and investors are wondering if, in case of a jump from the currency now that it is more flexible, the Linked dollar are effective.

The Linked dollar bonds, with potential

According Juan Manuel FrancosChief Economist in Grupo SBS, the answer is quite clear. “Linked dollar bonds look like an interesting alternative for the elections, thinking about defensive positions. The performance rates are positive and, in a flexible exchange rate scheme, they are an interesting option to protect capital in the face of upward movements in the dollar, especially considering that the real exchange rate is located very close to the minimum of 2017,” said the specialist.

Specifically, The actual multilateral exchange rate in June is in the same range that the one achieved in April 2017when Mauricio Macri was president and Luis Caputo Minister of Finance. According to the Central Bank of the Argentine Republic (BCRA), the figure is 83.3 points.

“Excluding the period from October 2024 to May 2025, it is in the lowest values ​​from the devaluations of December 2015 (departure of the stock with Macri) and December 2023 (beginning of the mandate of Milei),” they said from Personal investments portfolio. “Taking even greater perspective, the exchange rate is at the lowest level since the end of convertibility in December 2001,” they added.

A more advanced electoral coverage

Given the situation, Gustavo GardeyBull Road Investments co -founder, said that Linked dollar bonds can be short -term attractive Armando an instrument via future dollara recommended strategy for the most experienced operators.

“If we see the Rofex curve, a synthetic expiration in July gives a monthly effective rate (TEM) of 3.71% or annual effective rate (ASD) of 54.82%, while with expiration August a topic of 3.02% and a ASD of 42.97% is obtained. And in September, an ASD of 38.92% and a topic of 2.78%. Synthetic compress the LECAPS curve towards 2.5% monthly, ”explained the executive.

“In summary, short -term, we can assemble a coverage superior to the fixed rate segment and not to mention if we compare it to inflation; the profits in real terms become very attractive,” he added.

In this context, analysts of Investment Profession They decided to improve their perspective on the dollar linked titles of “negative” towards “neutral” Because yields around 8% annually for a larger less than 1 year are attractive compared to other “insurance” assets such as Bopreal 2026.

“Although the stability of the exchange rate of the last weeks should be maintained at least until the favorable flow of currencies product of the settlement of agriculture ends (at the end of June), in the medium term pre -election uncertainty could favor a depreciation of the weight that benefits this ASSET class,” they said.