The discussion that is not ideological is arithmetical. In Argentina, the market is dominated by the public sector. Not because of one party or another, but because the real composition of what is most negotiated and of where savings are channeled.
In 2024, the Buenos Aires Stock Exchange established that public securities were the largest amount traded of the year. It even details the total traded in that asset class.
In parallel, the common fundsa thermometer of how families and companies save, concentrated their assets in very short-term instruments and debt: 56% in Money Market and 26% in Fixed Income (82% between them) in the first half of 2024/2025.
When we look at the daily flow, State roles predominate; When we look at where collective savings are going, portfolios loaded with public debt predominate.
How much does the State weigh and how much does the private sector weigh?
There is no official single pie that consolidates each segment, but three consistent thermometers tell the same story:
- Fixed income trading: The report of the Buenos Aires Stock Exchange itself confirms that public securities led the amount operated in 2024. In the MAEwhich is the main wholesale debt area, the operations of the CPC segments grew strongly, and by design there sovereign and public policy debt prevails (Treasury/BCRA).
- Savings via FCI: Money Market (56%) + Fixed Income (26%) = 82% of heritage; That is, the bulk of the funds are positioned in instruments short and public.
- Treasury monthly primary supply: domestic tenders in pesos are massivecompeting for the same liquidity that the private sector would need. Just as an example, the Treasury awarded $5 billion in April, $9 billion in July and $6.6 billion in September in different rounds of 2025.
With these three points, it is prudent to affirm that, by amount and by flowthe State explains most of local fixed income activity, while domestic equities remain small and highly leveraged in CEDEARs, despite the recovery in volume of local stocks in 2024.
Each change of direction (electoral, regulatory or expectations) has a direct impact on parities and rates. The result is a market that should be “fixed” in their bonds, but behaves like crypto in moments of noise. That volatility makes capital more expensive, shrink duration and discourages productive projects.
The mirror of the United States: depth and rules
A healthy market does not exist to “roll” Treasury liabilities: it exists to finance companies. In the US, corporate financing via bonds and stocks coexists with Treasuries in deep and stable markets; the market capitalization and the debt stock They show the scale of that architecture.
Nine pro-business measures to change the mix:
1) ON SME 2.0: standardize covenants, digitize files and enable self registrations with continuous placement windows.
What it solves: reduces legal times and costs; More SMEs are encouraged to finance themselves in the market.
2) Cost neutral: tax credit to first broadcast (ON/trusts) and accelerated amortization of listing expenses.
What it solves: eliminates the “initial cost” barrier to entry; expands the base of issuers.
3) Buybacks & dividends: simple and predictable frameworks for buybacks and dividend policy that make local equity investable.
What it solves: makes local equity more attractive for long-term investments; improves valuations.
4) Local high-yield market: institutional segment with simplified disclosure and electronic platform with price discovery visible.
What it solves: enables financing for medium-sized companies with non-“AAA” profiles; diversifies offer.
5) SME Securitization: package invoices/contracts in standard trusts with risk sections.
What it solves: transforms working capital into an investable asset; low cost and atomizes risk.
6) Private debt funds: CNV guidelines and tax safe harbor to channel institutional savings to productive credit.
What it solves: channels institutional savings to productive credit without going through banks; extend deadlines.
7) Long-term mandates: enable insurers/pension funds reasonable quotas to local private instruments under suitability criteria.
What it solves: creates long-term stable demand, low rate and extends duration for the real sector.
8) Equity Pipeline: public-private program for IPOs/Follow-Onswith matching between issuers, underwriters and family offices local.
What it solves: replenishes “merchandise” in the stock aisle; deepens the market and attracts capital.
9) Stability by law: clauses of no regulatory regression for 4 years (a complete political cycle) and ex-ante impact assessment.
What it solves: lowers political/regulatory risk; improves predictability and cost of capital.
What do we gain if the private sector leads?
- Less rate and longer term for productive financing.
- More investment and formal employment in SMEs and medium-sized businesses.
- Less bank dependence and the Budget to grow.
- A more stable market: with more private issuers and diversified flows, each political shock weighs less in prices.
If we want a market that finance growth and not only refinance the Statewe have to move the lever: less relative weight of the Treasury and more business prominence. It is not ideology, it is market design.
The result? Lower rates, longer terms and a country that invests more and better.
* CEO of Sailing Investments
Source: Ambito
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