The Finance Ministry has called for a bidding process for Wednesday, August 13. LECAP/BONCAP bonds will be offered with maturities of 12/09/25 (S12S5) for up to $3 billion and on 30/09/25 (S30S5) for a maximum of $4 billion.

LECAPs are an important tool for the Argentine government to manage money supply and control inflation.

LECAP bonds maturing on 10/31/25 (S31O5), 11/10/25 (S10N5), 01/16/26 (S16E6), and 02/13/26 (T13F6) will also be available. Meanwhile, Dólar Linked bonds maturing on 12/15/25 (TZVD5) and BONCER bonds maturing on 10/31/25 (TZXO5) will be tendered.

Next Wednesday, the Treasury will attempt to refinance the S15G5 maturity, originally scheduled for August 18 but postponed due to the Friday holiday. Several changes have been noted compared to the last tender: the S29G5 and T17O5 bonds will not be offered, but the S10N5 bond, which was expected to mature in three months, has been added.

The shorter Lecaps, S12S5 and S30S5, will have issuance limits of $3 trillion and $4 trillion, respectively. As for Dollar-Linked Bonds, the offering will focus exclusively on the TZVD5, after the shorter bonds were left unbidden in the previous auction.

In the Boncer curve, TZXO6 is replaced by TZXO5, reducing the duration, although its actual rate of over 20% is unlikely to be accepted. The longer duration will be offered only at a fixed rate, with the addition of Lecaps S16E6 and Boncap T13F6.

Originally published on C5N