Overview

• Finance Ministry data show ARS 7.67 trillion placed versus ARS 6.69 trillion due, lifting the rollover to 114.66% with demand steered to TAMAR and Lecap.
• Lecap to September priced at a 4.81% effective monthly rate and roughly 75.7% effective annual return, locking in refinancing at levels well above expected inflation.
• The BCRA’s tighter reserve requirements, rising to 53% on Monday, pushed banks toward longer-dated Treasury paper to absorb pesos and curb dollar demand.
• After the auction, the official dollar fell for a third session to about ARS 1,333 in the wholesale market, the blue hovered near ARS 1,350, and futures still imply a December level around ARS 1,525 above the band ceiling.
• Country risk hovered near 850–853 basis points and activity cooled, with the Ferreres IGA showing a 1% monthly contraction in July, while officials signal the high‑rate stance is transitory pending midterm results.