Overview

• Treasury data show $7.667 trillion awarded and a 114.66% rollover, with short-dated Lecap paying up to a 75.7% effective annual rate and strong take-up of TAMAR notes.
• After a late-session reversal that traders attributed to presumed BCRA futures action, the Banco Nación rate eased to about $1,355–$1,360 and the blue hovered near $1,350 as MEP and CCL ticked lower.
• J.P. Morgan’s country risk gauge is around 850 basis points, with sovereign dollar bonds trading mixed following recent pressure.
• Equities bounced after sharp losses, with the S&P Merval up roughly 3% in pesos and Argentine ADRs rebounding up to 8% following an 11‑month low in dollar terms the previous day.
• Higher reserve requirements near 53.5% steered banks into government peso instruments, tightening liquidity and aiding the auction rollover ahead of the Buenos Aires provincial vote and October’s national elections.