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Argentina Sets July 29 Auction to Roll Over 11 Trillion Pesos of Debt

The Finance Ministry has finalized bond types and dates to rein in excess liquidity created by the abrupt end of LEFIs.

Aunque el mercado de pesos mostró tensión en las últimas semanas por el fin de las LEFIs, se trataría de un desajuste puntual por falta de liquidez.
La próxima licitación del Tesoro  está programada para el martes 29 de julio.

Overview

  • The price-indication auction will run noncompetitive and competitive tranches from 10:00 to 15:00 on July 29, with settlement on July 31.
  • The menu offers peso-denominated capitalizable bonds maturing between mid-August and October, new zero-coupon dollar-linked issues and a BONCER due October 30, 2025.
  • The BCRA injected liquidity tools by offering 3.5 trillion pesos of repos on July 15 and the Treasury absorbed 4.7 trillion via an off-calendar tender on July 16, helping compress rates that had spiked above 100% TNA.
  • Analysts at Delphos Investment and Grupo SBS expect yields to decline and rollover to stay below full coverage, with the Treasury’s 13 trillion–peso BCRA deposit available to support funding if needed.
  • Government interventions in the FX futures market are bolstering the peso ahead of October’s midterm elections as it refines its debt-management strategy.