Overview

• The Finance Secretariat adjudicated ARS 7.339 trillion against ARS 7.738 trillion in offers, refinancing ARS 5.6 trillion in maturities for a 130.2% rollover.
• Investor demand concentrated in dollar-linked Lelink instruments, which accounted for 54.6% of the take-up, or roughly ARS 3.94 trillion.
• Net extra financing of about ARS 1.708 trillion will be held at the BCRA, giving the Treasury capacity to buy FX and bolster reserve defense.
• The auction followed a 10-point policy-rate cut to 25% and a late expansion of the menu with three dollar-linked bonds to draw hedging flows, including from exporters facing cross-restrictions.
• A brief suspension of farm export duties spurred an expected US$7 billion liquidation that lifted hedging needs and eased near-term peso pressure, though liquidity and exchange-rate risks remain into the election period.