The Minister of Economy, Luis Caputo, awarded this Monday, April 14, in the first tender of debt of the Treasury of the month, funds for an effective value of $ 5.06 billion, with which He failed to cover all maturities. In that sense, the Secretary of Finance, Pablo Quirno, indicated that “this means a Roll Over of 75.71% about the maturities of the day. ”
It was Caputo’s first test in the local market after The exit of the exchange rate For natural persons, and developed on the day in which the new scheme of exchange bands debuted. It will also be the first test in the local market after the approval of the agreement with the IMF by the Board of Directors of the International Agency, and will be developed in a context of great financial volatility by the swings of the International Commercial War.
Debt in pesos: investment options after the headache
To face this tender, the Ministry of Finance developed a broad and varied menu of 9 optionswhich was released on Thursday, April 10, prior to the announcements of the new exchange regime, and CEPO DEPARTURE. The most relevant thing is that in the midst of the climate due to the uncertainty of a modification in the exchange regime by the agreement with the IMF and the marked demand for coverage observed last week in the futures market, economics included in the basket two titles tied to the official exchange rate, one of them in the short term that protects the holders in case of an official devaluation of the official dollar.
The other novelty is that it provided a letter and a bonus that adjust by Tamar, the rate offered by banks for fixed deadlines above $ 1 billion.
The basket contemplated Three Lecapswith maturities, all for this year: on May 16, 2025 (S16V5), on June 18 (S18J5), and on July 31 (S31L5).
The menu also offered two zero coupon tesor bonus adjusted by CER (Bonce), which expires on October 31, 2025 (Tzxo5) and October 30, 2026 (Tzxo6).
Also provided a Treasury bonus linked to the official dollar that expires on June 30 of this year (Tzv25) and a Treasury lyrics linked to the official dollar which expires on January 16, 2026 (D16E6).
And included a Tamar Rate Treasure Bonus Expired on April 30, 2026, and one Trear Treasus lyrics which expires on July 31, 2025.
Javier CasabalChief of Fixed Income of Adcap Grupo Financiero, evaluated Thursday, prior to the advertisements of the following day, which offered a very varied menu In line with the uncertainty of the market about the continuity of the exchange scheme. “
“The inclusion of letters adjusted by Tamar aims to attract investors that anticipate a potential rates, scenario where these instruments, like duals, charge greater value,” he said.
The analysts of Delphos Investment They also noted that the demand for dollar Linked titles, before the announcement of the implementation of flotation bands, had increased driven by the expectations generated by the agreement with the IMF regarding the possible adoption of a new exchange rate regime.
Debt in pesos: there was no interest in the dollar Linked
In the tender on Monday, offers were received for a total value of $ 5,390 billionof which $ 5,016 billion was awarded.
The economic portfolio explained that the amounts of the adjudicated titles and the validation rates in the tender were the following: Lecaps with maturities the 05/16/25 $ 2,362 billion was placed at 3.75% monthly effective rate (TEM), the 06/18/25 $ 1,292 billion at 3.61% TEM, and 07/31/25 $ 0.239 billion at 3.17% TEM; Zero coupon bonce that expire the 10/31/25 $ 0.241 billion at +0.77% throws, and 10/30/26 $ 0.282 billion at +9.10% Tiraa; Tamar letter expires on 31/07/25 0.600 billion to +5% TEM 3.17%, while the placement of the Tamar bonus was declared deserted. The award of the two titles linked to the official dollar (dollar Linked) was also deserted in both cases.
The economist Gabriel Caamañor stressed that “Without scoring is more difficult and worse.” And he stressed: “Basically, because there is less stocks and the weights are less captive.”
Casabal commented to iprofesional that “The treasure privileged again, mark a descending course of fixed rates”. And he argued that “we see a dynamic similar to the view in the last tenders, with Most of the demand focused on the short stretch of the curve “.
“Possibly, this tender, launched on the first day of the new exchange rate regime, had a higher uncertainty component than usual. It is striking that there has been practically no demand for bonce. Possibly in the next tenders let’s see that most demanded coverage,” he said
The financial analyst Gustavo Ber judged that “mInwardly, not having reached the 100%roll-over on this occasion, I think the tender is satisfactory in view of the highest level of maturities and being that it is the first wheel of the new exchange scheme “.
The expert stressed that “as expected, Demand concentrated on Lecaps since the most competitive vehicles are in the current economic-financial context. “
Pedro Siaba SerratePPI strategist evaluated that in the current context “where the Government adopts a more restriction in terms of monetary policy, and the decision that came out today of eliminating the BCRA active passes window is pressing the interest rates again” and after the exchange measures and the elimination of a lot of restrictions “It is logical that the Roll Over is a bit lower than seen in the latest tenders“Anyway, he said that” we must not dramatize “given that” when one thinks of the back of maturities forward, the government can endure a lower roll over given the amount of deposits that it has both in the BCRA and in the Banco Nación. ”
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