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12h ago

Argentina Sets Broad Nov. 5 Peso-Debt Sale as Rates Tumble and FX Hedges Unwind

Markets view the rollover as the next check on Argentina’s tentative post-election normalization.

Economía busca renovar casi $11 billones este miércoles.
Las tres variables que mueven la economía se reacomodan tras las elecciones.
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El triunfo del oficialismo dejo al mapa de inversiones en argentina con un gran triunfo por parte de los activos de renta fija en pesos. 

Overview

  • The Treasury will offer Lecap, Letamar/Tamar, Boncer, Boncap and a dollar-linked note on Nov. 5 to refinance roughly $10–11 trillion pesos, in the first auction led by new Finance Secretary Alejandro Lew.
  • After the late-October auction rolled 57.2% and injected about $5.1 trillion pesos, short-term rates compressed toward 20–30% with the BCRA setting a 25% overnight floor.
  • The BCRA and private players unwound about US$4–4.3 billion of currency coverage following the Oct. 26 elections, while recent dollar-linked tenders drew scant bids and some were declared deserted.
  • The new offering is designed to extend maturities, with no 2025 expiries and tenors stretching to April and May 2027 across fixed, CER-adjusted and TAMAR-linked structures.
  • Key variables now are the rollover rate achieved, the central bank’s approach to reserve purchases and short-term operations, and how these choices support the exchange-rate framework and liquidity.