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yesterday

Argentina Launches Nearly ARS 4 Trillion Debt Auction as Short-Term Rates Surge

The result will indicate whether officials prioritize a strict rollover or a liquidity release to ease the cash squeeze.

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Overview

  • The Finance Secretariat is offering two fixed-rate Lecap notes maturing on 10 November 2025 and 30 January 2026, plus two dollar-linked bonds due on 28 November 2025 and 30 January 2026.
  • Roughly ARS 3.9–4 trillion in maturities now sit with private investors after a recent swap that moved Central Bank-held securities out of this cycle.
  • Local funding conditions are tight, with Tuesday’s caución at about 130%, interbank repo near 125%, and the rueda simultánea around 75%, signaling scarce pesos and elevated yields.
  • The auction arrives after Javier Milei’s meeting with President Donald Trump, whose remarks added uncertainty; Economy Minister Luis Caputo said markets misinterpreted those comments.
  • Analysts at PPI, Grupo SBS and Balanz frame the choice between a full rollover that preserves tight liquidity versus a partial renewal that injects pesos, with some expecting a limited liquidity release.