The market had been anticipating that the Treasury was going to have a lower rollover level based on the dollar sales that the Government is making, which dried up the peso market. There was a very strong jump in the rate. Only linked dollars were traded
He Ministry of Economy This Wednesday, it renewed only 45.68% of the debt maturities in pesos that operated in the first half of Septemberwhile it only awarded bonds tied to the dollar in the bidding prior to the legislative elections.
This was reported by the Secretary of Finance, Pablo Quirno, through the social network today awarded $1,755 billion, having received offers for a total of $2,602 billion.”
“This means a rollover of 45.68% on the maturities of the current day“said the official.
Quirno specified that “the instruments fixed rate offered today reflect a level of rates that we consider high and circumstantial andn relation to the economic fundamentals and therefore have been left void, canceling debt for $2,112 billion.
The result of the tender was
LECAP/BONCAP
- As of November 10 (S10N5) – DESERT
- As of January 30, 2026 (S30E6) – DESERT
Dollar Linked to:
- As of November 28 (D28N5) $1,152 billion at +10.09%
- As of January 30, 2026 (D30E6) $0.603 billion at 3.02%
The Puente stock company He indicated that “today the Treasury declared void the two LECAPs it offered, leaving $2.1 billion pesos.”
“The Treasury attributed this to the fact that they considered the level of rates offered to be very high. This in our opinion It was already anticipated in recent dayswith market interest rates at very high levels, reflecting very low liquidity in the system after the successive increases in reserve requirements and the sale of secondary bonds,” said Puente.
The brokerage company said: “We hope that these $2.1 billion will manage to inject the necessary liquidity at least partially.”
Source: Ambito
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