Overview

• The Treasury said it placed $7.667 billones in an auction that renewed 114.66% of this week’s maturities, including Lecap with a 75.7% effective annual yield and strong take-up of TAMAR.
• Authorities relied on elevated rates and new encaje rules that steer banks into longer-dated paper, extending a large share of obligations into 2026 and absorbing pesos from the market.
• The official dollar fell for a third session, with the wholesale rate logging its biggest daily drop in two weeks, as Argentine ADRs rebounded up to 8% and country risk hovered around 850–853 bps.
• Analysts warn that the rate spike and liquidity squeeze will raise corporate funding costs and cool activity, with bank reserve requirements set to reach 53% on Monday.
• Top officials link any policy reset to upcoming votes, with José Luis Daza and BCRA director Federico Furiase signaling changes after elections, as tensions rise following the Lomas de Zamora attack on President Milei and scrutiny over leaked ANDIS audios.