He Ministry of Economy announced Monday New National Treasury Financing Guidelines, They are looking for “Provide greater certainty” Regarding the instruments to be bidded. Among them, future tenders of titles with maturities greater than one year in dollars, for up to US $ 1 billion per month, for both residents and non -residents.
The measures are part of the financial strategy aimed at reducing the indebtedness of the State as a percentage of GDP, in line with the official commitment of “zero fiscal deficit”.
The portfolio led by Minister Luis Caputo remarked that since the beginning of the management of Javier Milei, “The treasure reduced the consolidated debt with private and international organizations – including the BCRA – of 100% of the GDP in December 2023 to 39.5% of GDP in March 2025”.
In parallel, he said He managed to extend the average life of the debt in pesos of just one day to twelve months. In addition, the participation of the indexed debt in the new emissions was reduced from 95% to 10%, which reflects, according to the economic portfolio, greater market confidence in the disinflation process and provides greater stability to the maturge profile.
In that context, and after the advance of the stabilization program, The Treasury announced that it will begin to schedule its tenders in a biweekly way, with predefined instruments.
Lefis expiration and replacement by LECAPS
On July 17, the Fiscal Liquidity Letters (LEFI) will overcome, used to facilitate the elimination of the remunerated liabilities of the BCRA. Faced with this situation, the Ministry of Economy and the Central Bank announced that They will redeem the Lefi stock for a portfolio of titles in short -term weights (LECAPS), with price in the secondary market.
In turn, It will be defined in advance which instruments will be offered in each tender. This aims to facilitate the liquidity management of institutional investors.
Lyrics and bonds in short and medium term pesos
In the next debt tenders, the treasure said it will offer LEPS A FIXED RATE WITH DECLITIES A 1, 2 AND 3 MONTHS.
In turn, according to market conditions, will tender titles with maturities greater than one year Under different formats: Fixed Rate, Cer, Tamar, Dollar Linked and “Hard Dollar”. “The objective is to continue expanding the duration of the debt and maintain a prudent management of liabilities, “he said.
Bonds in dollars more than a year for residents and non -residents
But the great novelty that economy communicated will be the possibility of Subscribe titles with maturities greater than one year in dollars, for up to US $ 1 billion per month.
This option will be enabled for both residents and non -residents.
In parallel, The BCRA will eliminate the minimum permanence deadlines of six months for foreign investors operating for the MLC or participate in primary tenders with maturities greater than six months.
More liquidity for the secondary market, with BCRA intervention
All titles issued will have a minimum amount that guarantees its liquidity in the secondary market, He stressed economy. In addition, the BCRA You can actively intervene in that market when you consider it necessary to ensure its proper functioning, He added.
With this set of measures, the Treasury advances in its objective of refinancing its commitments to sustainable rates, improving the maturity profile, and reducing the weight of the debt over the product. “This reinforces the macroeconomic predictability and sustainability framework promoted by the national government,” The official economy statement concludes.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
