Overview

• The Treasury adjudicated about ARS 7.667 trillion against ARS 8.306 trillion in offers, for a 114.66% rollover of maturities, according to Finance Secretary Pablo Quirno.
• Short-term LECAPs priced at nominal annual rates as high as 75.66%—roughly 4.81% for 30 days—while banks booking TAMAR paper secured effective annual yields near 86%.
• The Banco Central lifted peso reserve requirements first by 5 percentage points and then by 3.5 points, which funneled demand toward encaje-eligible TAMAR instruments.
• Allocations concentrated in TAMAR notes, including ARS 3.338 trillion due Jan. 16, 2026 at TAMAR +1.64% and ARS 1.280 trillion due Feb. 27, 2026 at TAMAR +1.50%, as dollar‑linked bonds drew no bids.
• Market analysts praised the rollover but cautioned that elevated yields are crowding out private credit and raising fiscal costs, with some estimating an added ARS 2 trillion burden that clouds surplus sustainability.