Overview

• Treasury will offer seven instruments: three LECAPs (maturing Oct. 31, Nov. 10 and Jan. 16), a variable‑rate TAMAR (Dec. 15), an inflation‑linked Boncer (Mar. 31), and two dollar‑linked notes (Oct. 31 and Dec. 15).
• A same‑day swap under Joint Resolution 42/2025 redeemed ARS 6.19 trillion of S12S5 and reissued LECAPs, including ARS 1.89 trillion into S10N5 and ARS 3.79 trillion across longer LECAPs, trimming the rollover need to roughly ARS 7.3 trillion.
• Finance Secretary Pablo Quirno previewed the auction details in a post on X.
• The economic team aims to avoid paying higher yields than in August, when short fixed‑rate notes cleared between 75.6% and 59.2% annualized and reporting estimates those rates added about ARS 2 trillion to obligations.
• Market coverage highlights bond price declines after a provincial electoral setback, with attention on whether banks absorb supply under tight liquidity conditions supported by reserve‑requirement rules.