He Merval It consolidates its positive streak and climbs 4%, driven by versions that indicate that the United States would be willing to offer Argentina a special credit line if necessary. According to sources cited by Bloomberg, the Treasury Secretary himself, Scott Besent, would have slipped that possibility during an encounter with investors in Washington, which reinforced optimism in the markets.
Within the leading panel, The black loma rises (+9%), Metrogas (+6.6%), Supervielle Group (+4.5%), Transener (+4.4%) and BBVA (+4.2%) stand out.
In tune, the ADRS of Argentine companies that quote on Wall Street operate with strong advances. The highest increases are for Loma Negra (+9.3%), Globant (+7.2%), Supervielle Bank (+6.6%), BBVA (+5.9%) and Galicia Financial Group (+1.2%).
In the fixed income market, the Sovereign bonds in dollars They operate with a majority. He leads Bonar 29, with an advance of 2.3%, followed by the AE38D, which earns 1.7%. Instead, CER -adjusted bonds show slight lows of up to 0.1%, with the TX26 at the head.
If confirmed, the American support would be channeled through the Exchange Stabilization Fund (ESF), a tool that allows to provide financial assistance to countries with exchange problems or balance of payments. American Treasury spokesmen declined to comment on the version, but the gesture is interpreted as a new sign of the strong support of the Joe Biden administration to the Government of Javier Milei.
An offer with focus on known instruments
The Ministry of Economy confirmed the last debt tender in pesos corresponding to April, which will be held this Thursday 24. As detailed from Portfolio Personal Inversiones (PPI), the treasure proposal focuses exclusively on reopenings of existing instruments. On this occasion, new bonds are not incorporated, but sought to deepen the placement of previously issued letters and bonds, which points to a continuity strategy in the financing policy.
The available menu includes Lecaps With expiration in August and September of this year, more precisely the instruments S15G5 (August 15) and S12S5 (September 12). Boncaps are also offered with more extensive deadlines, which expire in October 2025 (T17O5), January 2026 (T30E6) and January 2027 (T15E7). In this way, the Treasury seeks to capture investors with different risk profiles and investment horizons, thus diversifying its proposal.
In addition, the tender includes the reopening of bonds adjusted by CER without coupon, with maturities in the medium term. This is the TZXO5 and TZXM7, with expiration dates set for October 31, 2026 and March 31, 2027, respectively. These instruments offer coverage against inflation without periodic payments of interest, which makes them attractive in a context of high nominality.
From the Bolsa society they explained that this strategy responds to a financial scenario in which the Government seeks to continue refining its commitments in local currency, without significantly raising the cost of indebtedness. The decision to maintain an offer based on reopening allows the Treasury to take advantage of current market conditions without introducing new variables in the debt scheme.
A more favorable context for treasure
For PPI, this tender is presented under a market environment that is relatively conducive to the Ministry of Economy. In the previous days, the instruments in pesos showed a positive performance, with a marked compression of rates especially in the long sections of the curve. This phenomenon favors placement conditions, allowing Treasury to validate lower rates without compromising demand.
The improvement in bond prices allows treasure to a more efficient placement. According to the firm analysts, the BCAPS They offered last week monthly rates (TEM) between 2.6% and 2.7%, while recently closed at somewhat lower levels, in a range of 2.3% to 2.6%. This setback in yields reflects a greater market appetite for these instruments, in an environment where the expectation of positive real rates remains firm.
Faced with this scenario, brocker specialists interpret that the Ministry chose to extend the duration of the titles offered. With a smaller time title overcoming in 109 daysthe tender aims to capture more extensive installment financing within the fixed rate curve, something they consider appropriate given the recent secondary market movements.
According to PPI’s vision, the change in the rates schemeand the possibility of taking advantage of the compression observed, represents a good opportunity to stretch duration without necessarily implying significantly higher financial costs. This dynamic can be key to the success of this Thursday placement.
Obligations for $ 7.48 billion and a key challenge for finance
In this tender, the treasure faces considerable maturities, which amount to $ 7.48 billion. For PPI experts, the challenge is not less, since a significant part of these commitments corresponds to private holders, which requires an effective strategy to ensure the rollover.
The most relevant maturities are linked to the LECAP S28A5 and the bonus adjusted by CER TC25. Both instruments concentrate most of the volume to be renewed, which reinforces the need for successful tender. According to analysts, around 72% of the total corresponds to private investors, a fact that underlines the importance of the behavior of the non -public sector in this operation.
The high percentage of maturities in private hands implies that the success of the tender will depend largely on the market perception about the conditions offered and confidence in economic policy. From PPI they pointed out that the context of rates and the strategy of extending deadlines can play in favor of the government, although they also noted that the size of the challenge demands a well calibrated placement.
For analysts, the result of this tender It will be key to continue monitoring debt dynamics in pesos. A high refinancing rate would allow the treasure to close April with a good balance and reinforce its financial program, while a weak placement would force to rethink part of the short -term financing scheme.
Market prospects and opportunities for investors
From Personal Personal investments, they consider that the current context could represent a good opportunity for certain Investor profiles. The compression of rates and the least volatility observed in recent weeks open a space for longer positions in the fixed rate curve, especially if it seeks to capture real yields in a medium -term horizon.
Analysts highlight that the presence of instruments with Murgues between 2025 and 2027 It offers an alternative for those who wish to diversify their portfolios and mitigate reinvestment risks. The reopening of CER bonds without coupon can also be attractive to those who seek coverage to inflation without the need for periodic flows.
The menu proposed by the Treasury seems to align with the market conditions, And while new titles are not introduced, the choice of extending duration could respond to greater stability in the Financial Front. Experts explained that, under these circumstances, stretching deadlines allows building a more sustainable maturity profile and less exposed to short -term shocks.
In short, for PPI, Thursday’s tender combines a broad and predictable menu, in A context where rates accompany. The performance shown by the instruments offered will allow the market’s appetite pulse for debt in pesos, at a key moment for the government’s financial strategy.
What happens in the world markets
US actions were strongly recoured on Wednesday, after the president Donald Trump He will assure that he has no intention of removing the head of the Federal Reserve, Jerome Powell, thus dissipating the fears on Wall Street on the independence of the Central Bank. At the same time, the president moderated his speech on tariffs, anticipating that high levies to Chinese imports could be significantly reduced.
The S&P 500 rises 3%, while The Dow Jones Industrial Avenge It advances more than 1,000 points, equivalent to an increase of 2.5%. For its part, the Nasdaq composite leads the profits with a leap of 4.2%. The rally accelerated after reports from market sources that indicated a possible reduction in the Chinese average tariff, which would lower the current 145% to a range of between 50% and 65%.
At a conference from the Oval Office on Tuesday, Trump He said that “never” intended to dismiss Powell, although he reiterated his desire that the head of the Fed cuts the interest rates. “I would like to see him more active in his idea of lowering the rates,” he said.
These statements mark a turn in the president’s tone towards Powell, which brought relief to investors after days of growing tension between them. Just on Monday, Trump had described Powell as a “great loser”, which caused a fort Stock backward. Last week, he even said that his departure from the position “could not arrive sufficiently.”
Optimism in Wall Street It was also promoted by progress signs in commercial negotiations between the United States and their main partners. As for the tariffs to China, Trump said he expects a “substantial” reduction, while Treasury secretary, Scott Besent, described them as “unsustainable.” Along the same lines, Vice President JD Vance said that conversations with India are progressing.
