Buenos Aires Herald 
The Economy Minister obtained AR$821.5 billion in the first peso bond auction of August, and close to AR$5.1 billion during the second round of bidding the following day. The operation allowed the government to meet its AR$725 million payment maturity, while also obtaining $96.51 million in additional financing.
Finance Secretary Eduardo Setti tweeted that the result “implied a rollover of 113%.”
There were eight bonds offered, including a fixed-rate Lede (S31O3) and an inflation-adjusted bond (X23N3), maturing on October 31 and November 23 respectively.
The tender also included a new inflation-adjusted bond maturing on January 18, 2024 (X18E4) and two other new inflation-adjustable bonds maturing on May 20 and August 19, 2024, respectively.
The operation also included the reopening of three inflation-adjusted bonds: T2X4, T4X4, and T5X4, maturing on July 26, October 14, and December 13, respectively.
The Economy Minister said that “31% of the financing obtained is from instruments maturing in 2023, and the remaining 69% in 2024.”
The fixed-rate bond had a 102.7% nominal annual rate and an effective rate of 153.1%, a 10.1% increase and a historical maximum.
Consulting firm 1816 pointed out in a report that, for the first time since February 15, the Treasury did not offer US dollar-linked options in the primary market. “[It] is not surprising given that, so far this month, the [official dollar exchange rate] has risen at a much higher rate than CER [inflation] and peso rates” — meaning that the crawling peg (the controlled and slow devaluation) in the last month is going up faster than inflation.
Official sources however told the Herald that the reason was that “no dollar-linked instruments were maturing, so we kept the same debt profile.”
The next bidding will take place on Friday, August 18, per the preliminary auction schedule for the second half of the year.
