It placed debts amounting to $14 billion and renewed 96% of the maturities

The Ministry of Economy announced that it had received offers with a total value of $14.68 billion. Tender details and approved prices

11/26/2025 – 7:00 pm

Louis Caputo It overcame the main challenge in Wednesday’s bidding. As the Ministry of Finance announced, it was almost able to award 14 million dollars, Achieving an extension of more than 96%.

“The Ministry of Finance announces that it has awarded in today’s tender a total of $13.99 billion after receiving offers totaling $14.68 billion. This means extension 96.48% The Ministry of Economy said through its social networks that the current deadline has expired.

In addition, with regard to interest rates, up to 37.55% has been validated in bonds maturing in February 2026.

He provided details on how the tender would proceed:

LECAP/BONCAP TO:

• 2/13/26 (T13F6) $5.04 billion at 2.69% TEM, 37.55% IRR.
• 04/30/26 (S30A6) $1.81 billion at 2.54% TEM, 35.16% IRR.
• 10/30/26 (S30O6) $0.85 billion at 2.49% TEM, 34.27% IRR.
• 04/30/27 (T30A7) $1.06 billion at 2.51% TEM and 34.70% IRR

Wax:

• 05/29/26 (X29Y6) – $1.15 billion with an internal rate of return of 7.34%
• 10/30/26 (TZXO6) – $0.57 billion at 7.79% from TIREA
• 04/30/27 (TZXA7) – $0.33 billion at 7.77% from TIREA

Tamar to:

• 04/30/26 (M30A6) $2.73 billion, 4% margin.

The dollar is linked to:

• 04/30/26 (D30A6) – $0.45 billion at 3.52% interest
• 11/30/26 (TZVN6) – Abandoned

Adjustment in reserve requirements and peso debt maintenance strategy

from Max Capital He explained that in parallel with the reserve dynamics, the Central Bank announced a series of adjustments in the reserve policy policy with the aim of… Partially relieving cash pressure Applied in recent months. As detailed, the organization reduced 3.5 percentage points Minimum cash required for demand, collateral and money market accounts, a measure that releases liquidity within the system.

The broker’s specialists also highlighted that it had increased in other cases 3.5 percentage points The portion of reserve requirements that can be combined with general term deposit securities. This amendment, as they interpreted it, is directly related to the need for this Maintain demand for treasury itemsin a context where replenishing peso debt becomes crucial to avoid additional financial tensions.

For Max Capital, another key point is the reduction in the minimum integration of daily reserve requirements, which has been reduced from 95% to 75%This provides greater operational flexibility for financial entities. The five percentage point increase implemented in August, which can be combined with public bonds, has also been extended until the end of March, enhancing incentives to support demand for Treasury instruments.

Analysts stressed that these measures fall within the framework of a strategy that seeks to ease monetary restrictions without dismantling the need to finance the public sector. In other words, the central bank is trying to generate liquidity without affecting the Treasury’s ability to renew maturities, which is vital in a month with strong fiscal demands.

Experts at Max Capital They noted that the Treasury tender was key to assessing the government’s ability to maintain its fiscal programme.

As they explain, part of the expiring stock corresponds to variable rate bonds that were issued to banks for use in consolidating reserve requirements, so the last bond Flexibility announced by the Central Bank It is directly linked to the need to sustain demand for these tools. The implicit goal would be to ensure orderly replenishment of stock, avoiding pressure on available weights.

Max Capital explained that the decrease in reserve requirements for demand deposits means a decrease $1.9 billion In the system’s cash reserve. But they pointed out that this effect could be compensated for by an increase in… 3.5 percentage points Part of the reserve requirement could be combined with public securities, which would soon generate additional demand $2.1 billion.

For analysts This balance between releasing and absorbing liquidity indicates that the central bank seeks to avoid a sudden imbalance. The strategy is to contain pressures on the peso debt market without generating excessive monetary expansion that would eventually lead to a shift to the dollar.