The%20Ministry%20of%20Econom%C3%ADa%20achieve%C3%B3%20renew%20m%C3%A1s%20of%20100%%20of%20the%20maturities%20thatfaced%20in%20an%20important%20test%20of%20debt%20in%20pesos.With%20dep%C3%B3sites%20that%20barely%20amounted%20$2.3%20billion,%20the%20portfolio%20econ%C3%B3mica%20avoid%C3%B3inject%20pesos%20to%20market%20and%20was%20postponed%20lto%20low%20of%20rates%20that%20was%20necessary%20to boost%20the%20rebound%20of%20activity%20with%C3%B3mica.
%E2%80%9CLa%20Secretary%20of%20Finance%20announced%C3%B3%20that%20in%20the%20tender%C3%B3n%20of%20d%C3%ADa%20of%20today%20awarded%C3%B3a%20total%20of%20$%2010,34%20billion,%20having%20received%20offers%20for%20a%20total%20of%20$%2011,17billion.%20This%20means%20a%20rollover%20of%20124,20%%20overe%20the%20maturities%20of%20d%C3%ADof%20the%20date%E2%80%9D,%20reported%20from%20Econom%C3%ADa.
In the market, analysts’ expectations were that Finance would not release pesos to the market.Firstly, because they warned that with the purchases of the Central Bank of the Argentine Republic (BCRA) and the end of the holidays there is liquidity in the system.But also due to the level of Treasury deposits in pesos and in foreign currency, facing the next maturity with the International Monetary Fund (IMF).
In%20the%20LECAPs%20were%20validated%20rates%20from%20to%202,99%%20TEM%20for%20the%20stretch%20m%C3%A1s%20short,with%20maturity%20on%2016%20of%20March%20of%202026;%20while%20that%20in%20CER%20was%20of%20to%208.75%for%20on%2030%20of%20June%20of%202028.%20In%20how much%20to%20dollar%20linked,%20only%20se%20placed%20$0.1billion%20to%206.02%%20TIREA.%20Although%20per%20out%20of%20schedule,%20Finance%20carried%C3%B3%20to%20done%20tenders%20to%20redeem%20letter%20dollar%20linked.
%E2%80%9CMe%20seems%20a lot,%20but%20doesn’t%20surprise me.%20Already%20in%20the%20tender%C3%B3n%20past%20hab%C3%ADan%20given%20buin%20premio,%20similar%20a%20this%20in%20la%20LECAP%20m%C3%A1s%20corta%E2%80%9D,%20affirm%C3%B3%20Lucio%20GarayMendez,%20respecto%20a%20the%20rate%20of%20near%20of%203%%20that%20se%20valid%C3%B3%20for%20the%20LECAP%20convince%20the%20pr%C3%B3maximum%20marzo,%20when%20inflation%C3%B3n%20%20is%20expected%20to%20be%20below%20of%202.8%%20which%20marc%C3%B3%20in%20December.
%E2%80%9CToday%20the%20Treasure%20renewal%C3%B3%20maturities%20for%20$%2010.3%20billion%20noting%20un%20rollover%20of124%.%20Se%20give%C3%B3%20prize%20on%20the%20short%20stretch,%20while%20that%20the%20section%20m%C3%A1s%20longwas%20in%20synchron%C3%ADa%20with%20the%20market.%20The%20LECAP%20S16M6%20represent%C3%B3%20a%2048%%20of%E2%80%9D financing,%20highlighted%20in%20Romano%20Group.
A%20different%20stance%20had%20Nicol%C3%A1s%20Cappella,%20of%20Invest%20in%20Stock Market%20(IEB),%20for whom%20Finance%20gave%20a%20%E2%80%9Clittle%20of%20preward%20in%20the%20part%20short%E2%80%9D,%20but%20that%20doesn’t%20consider much.%20%E2%80%9CA%20tender%C3%B3n%20normal%20with%20a%20funding%20rate%20menor%20a%20the%20previous,%20as%C3%ADthat%20good%20for%20the%20Government%E2%80%9D,%20highlight%C3%B3.%20Although%20warned%C3%B3%20that,%20as%20the%20rolling%20was%20124%,%20absorbed%20pesos%20from%20market,%20and%20will%C3%A1%20that%20see%20if%20next%20week%20the%20rates%20of%20cauci%C3%B3n%20rise.
Among the alternatives offered in the auction were three Lecap in pesos: one maturing on March 16, 2026 (new), another on July 31, 2026 (new) and a third on November 30, 2026 (S30N6, reopening). A Boncap on January 15, 2027 (S15E7, reopening) is also included.
In variable rate instruments, a Lecap at the TAMAR convincing rate was presented on August 31, 2026 (M31G6, reopening).Within the options adjusted by CER, a note stands out as of July 31, 2026 (new), another as of November 30, 2026 (X30N6, reopening), a bond maturing on June 30, 2027 (TZX27, reopening) and another as of June 30, 2028 (TZX28, reopening).
In addition, a Treasury Bill linked to the US dollar was offered, without a coupon, maturing on April 30, 2026. This alternative is aimed at those who maintain doubts about the evolution of the exchange rate, despite the recent stability and the purchases of reserves by the Central Bank.
At the beginning of next week, the Treasury faces a major deadline: a payment of $824 million in interest to the IMF is due on February 1.And although, in recent days, deposits in foreign currency had increased, on Thursday, January 22, there was a significant drop.
According to the latest available publication of the BCRA daily report, as of last Thursday, deposits in foreign currency were USD 164,829,958.43 ($236,233 million converted at the exchange rate of the date, $1,433.1999).While last Wednesday they were USD 324,351,271.18 ($426,860 million converted at the exchange rate of the date, USD 1,427.0331), which represents a drop of USD 160 million.
When Infobae asked official sources from the Ministry of Economy about why the fall occurred, if it was due to a payment to an international organization, there was no response at the time of writing this note.Although analysts suspect that it was a payment to an international organization, given that there was no movement in the level of deposits in pesos.
