This is very good news, and we see it as another step towards the normalization of the peso market.
Today, the first auction of the month took place. Puente's analysis noted: "In today's auction, the Treasury once again managed to renew all maturities and take in pesos beyond that." He added that this "reflects the improvement in market liquidity that has been happening since last week, with the marginal reduction in BCRA reserves, the injection of pesos from the previous auction, and the decrease in the Central Bank's overnight rate that occurred today."
The Secretariat of Finance today announced the results of the auction, in which offers totaling a cash value of $9.38 trillion were received, and a total cash value of $8.50 trillion was awarded. In the inflation-adjusted tranche, two CER bonds were reopened, while the TAMAR segment offered options. Finally, a dollar-linked letter was added.
The main awarded instruments were:
Lecap (maturity 27/02/2026): $2.237 trillion (at 2.59% TEM / 35.92% TIREA). Lecap (maturity 31/08/2026): $1.916 trillion (at 2.50% TEM / 34.49% TIREA). Boncap (maturity 30/04/2027): $1.288 trillion (at 2.48% TEM / 34.23% TIREA). CER bonds (maturity 31/03/2026): $1.053 trillion (at 9.5% TIREA). CER bonds (maturity 30/10/2026): $0.658 trillion (at 9.48% TIREA). TAMAR rate letter (maturity 31/08/2026): $1.323 trillion (with a 5% cut-off margin).
