Far from granting euphoria from investors, Luis Caputo’s announcement On the amount of the new program that negotiates with the International Monetary Fund (IMF) extended the climate of uncertainty that invaded the City in recent weeks. Operators claim details. Javier Milei reiterated Thursday that he will not devaluebut hours later The market reinforced the search for coverage: The bidding of debt in pesos carried out by the Treasury captured the greatest demand in a long time of Linked dollar bonds.
In an attempt to contain the bleeding of reservations, Caputo announced Thursday morning that the loan requested to the IMF is US $20,000 million And he assured that, together with disbursements from other multilateral organisms, it will allow the gross holdings of the BCRA to reach US $ 50,000 million.
No major details, The market interpreted that this amount includes the refinancing of about US $ 14,000 million capital maturities with the fund itself During the four years of life of the agreement and, therefore, that the net financing would be around US $ 6,000 million.
After the minister’s speech in the Stock Exchange, the President Javier Milei endorsed his sayings And also He reiterated that the agreement does not provide for a devaluation. In that sense, he considered that the exchange discussion is “irrelevant.”
Dollar and market expectations
The official mess cocktail was combined with the statements of Julie KozackFMI spokeswoman, who avoided confirming the amount of the agreement. In his usual press conference on Thursday, he limited himself to emphasizing that it will be a considerable amount and that the disbursements will arrive in sections and not in a single shipment at the beginning of the validity of the program.
The truth is that none of this reversed the trend of the market. On Thursday, the BCRA once again sold currencies in the official market (US $ 84 million) and stretched the bleeding of the last nine wheels Au $ 1,445 million. In addition, The demand for coverage against devaluation did not cease.
This was reflected in the rise of future dollar contracts in terms after the mid -term elections. And, above all, the debt tender was ratified in pesos that the Ministry of Finance was carried out during the same wheel. In that operation he managed to renew all the maturities, although to achieve it he needed to validate greater interest rates in the LECAP and the instruments adjusted by inflation.
The linked dollar demand grew
However, the main novelty came from the Linked dollar bond demand. So far, these instruments had not attached great interest on the part of investors in previous tenders. Something that officials exhibited as a sign of confidence from the market regarding the continuity of the “Crawling Peg”. This Thursday, however, 18% of the amount placed went to instruments tied to the official exchange rate.
It was the Tzv25 bonus, expiring next June 30 (that is, only three months), and the lyrics of Linked D16E6, as of January 2026. Between them, between them They captured the equivalent in Au $ 1,032 million pesosthe biggest portion in the shortest instrument. In addition, Economy decided not to award offers for these titles for other US $ 300 million. “More Linked dollar was awarded than in the last eight months together”the economist said Federico García Martínez.
The Linked Dollar Bonus, in addition, cut with a negative rate of 1.98%a reflection that the subscribers paid to cover themselves with an eventual exchange correction in the first section of the program with the IMF. “Some expectation of devaluation there is,” the financial analyst Christian Buteler was ironic.
Source: Ambito
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