The Ministry of Economy will try to refinance maturities in pesos of the first half of the month for about $4 billion for which it will make available Lecaps, Boncaps and securities tied to the dollar, in what will be the last call for bids before the elections.
It is worth remembering that last week with the greater intervention in the Argentine Treasury dollar market and the participation of US Treasury selling dollars and withdrawing pesos, a rise in interest rates was generated.
The Secretary of Finance, Pablo Quirnoreported that for the next tender this Wednesday it will offer:
LINKED DOLLAR
- As of November 28 (D28N5)
- As of January 30, 2026 (D30E6) (this is a new letter)
Although the scenario for renewing the debt in pesos became more complicated in recent days due to the rise in interest rates and the uncertainty caused by the uncertain outcome of the elections on October 26, The confirmation of the support of the US Treasury for the Government of Javier Milei helped to decompress the pressures in the exchange market.
In the first round of the week everyone exchange rates fell sharply which helps to decompress rates after the rebound on Thursday, before the long holiday.
For reference, after the announcement of the “purchase of pesos” by the North American Treasury, most of the Argentine fixed income registered an increase in prices. Personal Investment Portfolio (PPI) iHe indicated that “sovereign debt in dollars, which already showed a solid performance during the week, shot up 8% on Thursday, in a markedly bullish movement.”
“With this, the weighted average price per outstanding jumped from US$60.1 to US$64.9, recoveringor practically all the ground lost after the blow to the ruling party in the Buenos Aires legislative elections,” indicated PPI. This was reflected in the bonds in pesos.
“CER-adjusted bonds rose between 1.3% and 9% on Thursday, with greater increases in the long section of the curve. Fixed rate instruments accompanied the bullish tone, with advances of between 1% and 8%. Along the same lines, the BONTAMs gained between 2.6% and 8%. On the contrary, in a context of greater confidence in the exchange rate scheme, the LELINKs corrected up to 4.6% and the dollar-linked sovereigns fell up to 4.8%,” PPI indicated.
In the market it is expected that the Government will not renew all of what expires this week. PPI estimates that there are $3.88 billion all in private hands. It is because itBanks are demanding liquidity to comply with BCRA reserve requirements. So it is likely that the rollover is somewhat below 100% and that the financial entities take that difference to immobilize.
Source: Ambito
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