Overview
- The Finance Secretariat will auction the Bonar 2029N on Wednesday under local law, targeting roughly $1 billion, with settlement reported for Friday.
- Pricing talk points to an effective yield near 9%–10.8% versus the 6.5% coupon, and Minister Luis Caputo has said a lower final rate would signal progress toward potential market re-entry in 2026.
- Argentine assets weakened into the sale, with the S&P Merval down about 2%, sovereign bonds lower, and the country risk premium near 634 basis points.
- Exchange rates were mostly steady to slightly higher: Banco Nación retail at $1,465, wholesale around $1,442, MEP near $1,469, CCL about $1,503, and the blue at $1,445, while gross reserves stood at $41.74 billion and the BCRA’s upper band was about $1,515.50.
- The Treasury faces about $13 trillion in peso maturities this week and more than $4.2 billion in January foreign-currency needs, and investors are also watching the U.S. Federal Reserve decision that markets largely expect to be a 25 basis-point cut.