Overview

• The Treasury adjudicated $7.667 billones against $8.306 billones in offers, for a 114.66% rollover of this week’s peso maturities, according to Finance Secretary Pablo Quirno.
• Short‑dated Lecap cleared at a 75.66% nominal annual rate, with additional placements at 51.58%–59.18%, underscoring a steep rise in funding costs.
• Demand clustered in TAMAR‑linked notes eligible to meet bank reserve requirements, while dollar‑linked bonds drew no bids.
• The BCRA recently raised reserve requirements by 5 percentage points and then 3.5 points to absorb pesos and channel bank demand toward Treasury paper.
• Officials said roughly $1 billón in liquidity was withdrawn and about $6 billones in obligations were pushed into 2026, as analysts warn of crowding out and sustainability risks, while BCRA director Federico Furiase calls the rate spike market‑driven and temporary.