The Ministry of Economy will offer a wide basket of titles in pesos to face maturities for more than $ 6 billion.
He Ministry of Economy He announced the details of the first debt tender in February pesos. To face maturities for more than $ 6 billion, the treasure will offer a wide title basketboth at a fixed and adjusted rate for inflation and evolution of the dollar, and will also seek to redeem a LECAP.
This Monday the Secretary of Finance reported that it will offer investors Four Lecaps (Fixed Rate), expiring in March, May, July and November of this year, respectively. In addition, there will be A BANCAP with expiration date in February 2026.
In parallel, the entity that leads Pablo Quirno will make available to the market A “Linked dollar” bonus As of January 2026, thus seeking to calm expectations, in a context in which the sustainability of exchange backwardness is discussed. In addition, there will be A bonus adjusted by inflation (CER) expiration in March 2027.
On the other hand, with the tender on Wednesday, February 12, the exchange of a LECAP that expires in March, for another with term to November 2025. In this way, Luis Caputo’s economic team seeks to alleviate the burden of obligations in short -term pesos.
Will Treasure refinance 100% of the maturities?
The $ 6.6 billion that beat this week correspond to Friday and occur as two titles; The T2X5 bonce and the S14F5 LECAP. It is worth remembering that The last time the treasure did not renew all the maturitiessince he did not want to validate the highest rate that would have been paid in case of “roll” 100%.
To cover those $ 2.2 billion that were not refinant, the “liquidity mattress” was reduced that the Treasury has deposited in the BCRA as reinsurance to face the disassembly of banks of the banks. This occurs in a context of Redirection of loans from the public sector to the private sector.
However, an 1816 consultancy report warned that this “It will cease to be possible if government deposits in the central reach zero And the Ministry of Economy can only resort to the financial surplus to pay maturities If you do not want to validate the necessary rates to refinance them in their entirety ”.
Another element that will be monitoring the market is Interest in Lecaps, Taking into account that with the decline in “Crawling Peg” the “Carry Trade” strategies became even more attractive, although LAs Lefi a major monthly monthly rate are paid That most Lecaps.
Source: Ambito
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