According to consulting estimates, The Treasury Palace has to renew debt for just over $ 7 billion, To do this, it offers 7 bonds of which only 2 are short -term, and the rest expires in 2026:
- As of September 30 (D30s5)
- As of January 16, 2026 (D16E6)
Tamar:
- As of January 16, 2026 (M16E6)
- As of February 27, 2026 (M27F6)
The controversy is installed. The market is considered that the Ministry of Economy imposes on financial institutions a kind of “corralón” to push them to demand bonds.
The day before the call, andL BCRA issued a statement by which it reported that the lace increased by 3.5% and increases the portion that can be fitted with titles in existing lace. The end of the measure is to capture approximately $ 5 billion that will have to go to the tender.
Only the titles that the Treasury will offer more than 60 days can be used for lace. That is to say that if the banks do not want their embedded weights to yield 0, they should go to the tender and enter titles with a duration greater than 60 days.
There are two bonds that can arouse greater interest: Tamar who pay wholesale inflation plus 1% and the Cer, that on the previous day they came to pay retail inflation plus 30 and up to 40 percentage points.
On the day on Tuesday, the market indicates that the BCRA and the Treasury were operating Lecaps with expiration in February 2026 in order to moderate its rate. What happens is that the peso market has implicit high rates to two or three months, which implies that there is distrust regarding the government’s ability to order the market and stabilize that variable, of which it seems to have lost control from the day the BCRA decided to stop fixing a price through operations with Lefis.
What is coming
According to the LCG consultancy, in the next two months LThe maturities add up to $ 42.2 measured ; of which almost $ 20 billion are with private.
LCG points out that the government has deposited in the BCRA about $ 12 billion as a product of the fiscal surplus achieved throughout the year. This has assured 40% of the maturities three months. In such a way that the treasure needs at least one 60% rollover at least until October.
Source: Ambito
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