Overview

• The Finance Secretariat sold a TAMAR‑linked note due November 28 at TAMAR +1% exclusively to banks, placing 3.788 trillion pesos to absorb liquidity after a weak rollover.
• Following a roughly 61% rollover that left about 6 trillion pesos unrefinanced, the BCRA raised key encajes to 50% for large banks and 45% for funds and cauciones, allowing bond integration and daily compliance to trap around 2 trillion while the sale absorbed nearly 3.8 trillion.
• One‑day caución rates swung from recent peaks near 65–75% to about 2.1–3% as banks parked cash before settlement, with traders expecting a return toward roughly 40–45% once funds are tied up.
• The central bank’s new liquidity window near 65% saw limited use because banks were temporarily cash‑rich, and Treasury funding costs stayed elevated across Lecap/Boncap and the new TAMAR‑linked instrument.
• The wholesale dollar slipped to about 1,293 pesos for an 11‑session decline as officials targeted exchange‑rate stability, while blue and futures pricing pointed to a weaker peso later in the year.