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1h ago

Argentina Targets AR$7.2 Trillion Rollover With Earliest Maturity Set for Oct. 31

Banks warn of liquidity strain from 45‑day placements that cross the national vote.

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Overview

  • The Treasury, led by Luis Caputo, seeks to refinance about AR$7.2 trillion this week after trimming a roughly AR$16 trillion maturity wall with a BCRA-assisted rollover of around AR$9 trillion.
  • Finance Secretary Pablo Quirno set a menu of LECAPs (Oct. 31, Nov. 10, Jan. 16), a TAMAR note (Dec. 15), a BONCER (Mar. 31) and dollar‑linked bonds (Oct. 31, Dec. 15).
  • The shortest option available to banks matures on Oct. 31, three days after the national elections, heightening timing and political risk for lenders.
  • Banks caution that a 45‑day placement over the electoral period challenges liquidity even with the Central Bank’s repo facilities reinstated.
  • Analysts warn private peso demand is weakening, with some expecting the government to lean more on banks or higher reserve requirements to secure the rollover.