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The government placed $8.5 billion in debt in pesos and achieved a 295% rollover.

The government placed $8.5 billion in debt in pesos and achieved a 295% rollover.
BCRA debt in pesos
The government placed $8.5 trillion in peso-denominated debt and achieved a 295% rollover. The surplus will be used to pay off private debt.

In a key day for peso-denominated debt , the government awarded $8.5 trillion and reached a 295% rollover . The Ministry of Finance reported that it received bids totaling $9 trillion , a figure well above the maturities scheduled for this Monday.

"The rollover achieved is consistent with the dismantling of the LEFI in the face of their imminent extinction," said the Secretary of Finance, Pablo Quirno , through his account on the social network X. In addition, he maintained that the surplus will allow the cancellation of liabilities with the private sector.

The instruments awarded included LECAP , BONCAP , BONCER and dollar-linked securities, all denominated in pesos and with maturities extending between August 2025 and January 2027. The variety of options helped capture the interest of institutional investors.

Among the LECAPs, the $4.22 trillion placement maturing on August 15 stood out, at an effective monthly rate of 2.78% . Significant amounts were also awarded with maturities in September, October, and November, with rates close to 2.6%.

The Ministry of Finance announces that it awarded $8.501 trillion in today's bidding process, having received bids totaling $9.007 trillion. This represents a rollover of 295.24% over today's maturities.

The rollover achieved is consistent with…

— Pablo Quirno (@pabloquirno) July 7, 2025

?? Errata regarding the cancellation of debt with the private sector:

The rollover achieved is consistent with the dismantling of the LEFIs in anticipation of their imminent extinction. Given the outcome of this tender, it will result in the cancellation of… https://t.co/JmH5EAT97X

— Pablo Quirno (@pabloquirno) July 8, 2025

In BONCAP, $400 billion were placed through January 2026, at a monthly rate of 2.68%, and $220 billion matured in June of the same year. Additionally, $10 billion were allocated, maturing in January 2027.

Among inflation-adjusted instruments, $181 billion in BONCER bonds were tendered, maturing on March 31, 2026. Among dollar-linked bonds, $654 billion in placements through October 2025 and $446 billion through January 2026 stood out.

This result allows the government to strengthen its peso-denominated financing strategy, in a context where it seeks to reduce dollar-denominated liabilities and avoid shocks in the foreign exchange market. The economic team aims to extend the maturity dates and consolidate the local debt market .

With the surplus obtained, the La Libertad Avanza administration will be able to move forward with paying off its private debt of nearly US$4.2 billion . This way, Javier Milei 's government will achieve short-term financial relief and sustain the fiscal consolidation plan without resorting to new dollar issuances.

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