Overview
- The Finance Ministry will offer LECAP, BONCAP, BONCER, LETAMAR, BONO TAMAR and a dollar-linked bill (D30A6) in Wednesday’s auction.
- The menu spans maturities from February 2026 to May 2027, marking the year’s first sale without 2025 expiries and featuring both new issues and reopenings.
- Press estimates of the refinancing need diverge, with El Cronista citing ARS 7.2 trillion and Ámbito about ARS 11 trillion, while analysts see weekly maturities near ARS 10.5–10.8 trillion.
- Traders expect further compression in local rates and a tilt toward fixed-rate papers such as LECAP and BONCAP, with the placement ratio seen as decisive for remonetization.
- Treasury cash buffers at the BCRA are reported near ARS 6.5 trillion, underscoring limited room to pay down debt without strong rollover and highlighting coordination with BCRA operations.