The government Nationalthrough the Ministry of Economic Affairsannounced the National Treasury’s latest public securities tender that will take place next Thursday, December 11th.
In this context the Finance Minister announced the series of bonds and bills with which it will attempt to cover the month’s single peso debt maturity, totaling nearly 40 billion dollarsof which around 13 billion dollars would be in the hands of the private sector.
Acceptance of offers It starts at 10 a.m. and ends at 3 p.m. on the same Thursday.while the invoicing of the offers received and awarded takes place will take place on Monday, December 15th.
Before this tender, the It will be the last in 2025The government will test its confidence in the market this Wednesday by issuing a US dollar bond according to local law with maturity in 2029. In the financial market they point out that if the Bonar placement is successful, it should also be accompanied by the call in pesos.
The BCRA cut rates again ahead of a key Treasury tender
The following titles are offered:
LECAP and BONCAP
– Treasury bill capitalizable in pesos with maturity on April 17, 2026 (new).
– Treasury bill capitalizable in pesos with maturity on May 29, 2026 (S29Y6 – Reopening).
Treasury bill capitalizable in pesos due November 30, 2026 (new).
National Treasury Bond capitalizable in pesos with maturity on May 31, 2027
READ and BONCER
National treasury bill in pesos, adjusted by CER at a discount, due on November 30, 2026 (new).
– National Treasury Bond in pesos with zero coupon and adjusted by CER with maturity on May 31, 2027 (new).
– National Treasury Bond in pesos with zero coupon and adjusted by CER with maturity on June 30, 2028 (TZX28 – Reopening).
TAMAR
– National treasury bill in pesos at the TAMAR rate with maturity on August 31, 2026 (M31G6 – Reopening).
dollars linked
– Treasury bill pegged to the zero coupon dollar due April 30, 2026 (D30A6 – Reopening).
A relevant point of this call is the following The demand for pesos usually increases in December due to the payment of bonuses and other year-end expenses. Therefore, the government would not be under pressure to achieve a high rollover level and it is estimated that it could be lower 100%.
In the penultimate tender The government managed to extend 96% of the terms ($13.99 billion) Offers received for total $14.68 billionwhich showed strong market demand.
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Nicolas CappellaSales Trader at Grupo IEB, commented in his
And he added: “The idea is to unload the ball of short maturities that had accumulated and distribute it more fairly over 2026 and 2027. It will also be challenging because December and January are months of high money demand.” Therefore, people will want to spend more pesos and may invest less in securities or demand a higher interest rate on these securities.”
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