Overview

• The Treasury placed AR$7.667 trillion against AR$7 trillion due, achieving a 114.66% rollover at Wednesday’s auction.
• To secure demand, the central bank raised reserve requirements and allowed banks to integrate new TAMAR bonds as encajes, draining about AR$1 trillion and deferring roughly AR$6 trillion of near maturities into 2026.
• Short-dated Lecap cleared around 75.7% annual, TAMAR tranches to January–February 2026 priced at TAMAR +1.50–1.64%, and dollar‑linked offerings drew no bids.
• Markets remained stressed, with equities and ADRs falling and country risk moving toward 900 bps, while firms like Morgan Stanley advised caution until policy signals are clearer.
• BCRA director Federico Furiase said high short‑term rates will recede after a La Libertad Avanza victory, as analysts warned of crowding out and flagged confidence as the binding constraint.