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4h ago

Argentina Treasury Raises ARS 7.339 Trillion, Rolls Over 130% of Maturities

Investors’ rush into dollar‑linked hedges produced excess cash that the government will park at the central bank to reinforce its currency defenses.

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Overview

  • The Secretaría de Finanzas adjudicated ARS 7.339 trillion on September 26 against ARS 5.6 trillion in maturities, delivering a 130.20% rollover after receiving ARS 7.738 trillion in offers.
  • Net new financing of about ARS 1.708 trillion will be deposited in the Treasury’s account at the BCRA, giving room to absorb pesos and purchase dollars if needed.
  • Dollar‑linked Lelink securities accounted for 54.6% of the take, roughly ARS 3.94 trillion, after the auction menu was expanded with three additional FX‑linked titles.
  • The sale came after the BCRA cut its policy rate by 10 percentage points to 25% and a temporary suspension of farm export duties prompted roughly US$7 billion in grain liquidations.
  • Fixed‑rate Lecap notes cleared near 3.5%–4.2% monthly effective yields, while the long‑dated Boncap 2027 tranche saw no awards.