Today, the national government will face its first test in the financial market following the backing it secured at the polls. In a tender where the National Treasury must seek financing to refinance a debt of $12 trillion, the operation will be led by the Minister of Economy, as the official replacement for Pablo Quirno, who assumed the role of Minister of Foreign Affairs yesterday, has not yet been appointed. The focus will be on the level of offers from banks and the interest rates demanded by the government after its electoral victory, albeit within a highly volatile peso market. The operation offers a variety of fixed-rate instruments (LECAP/BONCAPs) and dollar-linked bonds: LECAPs/BONCAPs with maturities on November 28, January 30, 2026, April 30, 2026, October 30, 2026, and April 30, 2027. Dollar-linked bonds (tied to exchange rate fluctuations) maturing on November 28 and January 30, 2026. In recent sessions, the government has sought to force a rate decrease by repurchasing bonds and injecting liquidity to send a signal to the market. Additionally, it will be observed whether Caputo decides to renew 100% of maturities or opts for a more limited rollover to free up pesos and inject liquidity, which could help lower rates. Therefore, the key will be the percentage of debt renewal and the interest rates at which the market validates the new instruments, which will set the course for the government's financial strategy in the coming weeks.
