Overview
- The sale led by new finance secretary Alejandro Lew offers a broad menu in pesos, including fixed-rate, CER, dólar-linked and TAMAR instruments.
- The shortest paper on offer is 109 days, and for the first time this year the Treasury is not tendering notes maturing in 2025 to push duration out to 2026–2027.
- Treasury deposits at the BCRA stand near ARS 5.2 trillion after the prior auction injected liquidity into the market and left a low rollover.
- Market desks expect a rollover closer to 100% to stabilize balances, a result that analysts say could require paying a rate premium versus secondary-market yields.
- Consultancies warn remonetization has limits without FX reserve gains or regulatory changes, with roughly ARS 37 trillion in local-currency maturities coming over the next two months.