On this occasion, the Treasury will offer letters to fixed rate (LECAPS) and adjustable titles for tamar rate, inflation (bancer) and dollar (dollar Linked). All expire October elections.
He Ministry of Economy He faces an important challenge on Wednesday, since It will place debt in pesos for the first time from the hard electoral defeat of the ruling party in the province of Buenos Aires. Luis Caputo’s portfolio It will seek to refinance the $ 7.2 billion that beat this week and extend the maturity profile.
To do this, the Ministry of Finance, headed by Pablo Quirno, will offer Titles with an expiration date after the national elections of October 26. On this occasion investors will have available:
- Three letters at a fixed rate (LECAPS) with maturity as of October 31, 2025, November 10, 2025 and January 16, 2026, respectively.
- A letter adjustable to the rate of the fixed wholesale deadlines (TAMAR) with expiration as of December 15, 2025
- An indexed bonus to inflation (bancer) with expiration as of March 31, 2025.
- Two bonds indexed to the evolution of the official wholesale exchange rate (dollar Linked) with maturity as of October 31, 2025 and December 15, 2025, respectively.
“Since the highest lace can be fulfilled with treasure instruments in pesos with expiration at 60 days or more when acquired in the primary subscription, The demand is expected to be concentrated in the longest deadlines“They pointed out from Max Capital.
Nevertheless, Given the electoral defeat, the treasure could have difficulty “roll” its debt. Personal Personal Investments (PPI) indicates that “the idea that circulates in some areas is that the authorities could begin to rescue bonds in pesos to underpin the curves in pesos, but it seems counterproductive in the current context of falling in the real demand for money.”
“The only way to strengthen it is to force the banking system to increase its position in public titles. The BCRA would take advantage of the announcement of the next tender (Wednesday) to raise lace and adjust the intelligible part with public titles “, Add PPI.
The study anticipates that “considering that the APPOTE OF PRIVATE NON -FINANCIAL AGENTS BY INSTRUMENTS IN PESOS will fade, the ratio of ‘rollover’ will be more tensioning, which implies that a greater increase in lace requirement will be needed. “
Source: Ambito
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