29/07/2026 21:57 - Economia
The Secretariat of Finance, led by Federico Furiase under Minister Luis Caputo, announced highly encouraging results on July 29, 2026. The auction not only comfortably covered the week's maturities but also withdrew pesos from circulation and added valuable dollars to the Treasury's coffers.
In financial terms, a 'rollover' is a government's ability to refinance its debt. This time, the National Treasury faced maturities of ARS 8.5 trillion (Argentine pesos). However, market demand was so strong that a total of ARS 12.21 trillion was awarded, achieving a rollover rate of 144.53%.
This means the state not only renewed what it owed but also absorbed nearly ARS 3.7 trillion in liquidity from the market, preventing those pesos from putting pressure on the dollar exchange rate.
The big novelty of the day was the introduction of a new financial instrument: the Dual TAMAR/Dollar-Linked Bond (TMVE8). This bond, maturing on January 31, 2028, offers investors a smart hedge: it adjusts its value based on either the wholesale fixed-term rate (TAMAR) or the official dollar exchange rate, always paying the more favorable option for the saver.
The market welcomed this tool with enthusiasm, accounting for 38% of the total amount awarded, with a placement of ARS 4.72 trillion and a margin of 6.64% over the dual rate. This allows the government to extend its debt profile beyond the 2027 presidential elections, providing predictability.
Alongside the peso auction, the Economy Ministry continued to strengthen its foreign currency reserves. The Treasury Bond in Dollars (AO29), maturing in October 2029, managed to raise USD 309 million, after receiving bids for USD 366 million. The cut-off rate was set at an attractive 8.33% TIREA (effective annual yield).
With this placement, the AO29 has accumulated a total of USD 976 million since its launch in mid-July, approaching the maximum quota of USD 2 billion. A second round is expected on July 30 for up to an additional USD 150 million.
| Instrument | Currency | Awarded Amount | Maturity | Cut-off Rate |
|---|---|---|---|---|
| Lecap/Boncap (S16O6) | ARS | ARS 4.61 trillion | 16/10/2026 | 2.05% TEM / 27.57% TIREA |
| Dual TAMAR/DL (TMVE8) | ARS/DL | ARS 4.72 trillion | 31/01/2028 | 6.64% margin |
| CER/TAMAR (TXMD8) | ARS | ARS 0.87 trillion | 15/12/2028 | 5.40% TIREA CER |
| Dollar-Linked (D30S6) | ARS/DL | ARS 0.67 trillion | 30/09/2026 | 7.25% TIREA |
| Dollar-Linked (D15E7) | ARS/DL | ARS 1.33 trillion | 15/01/2027 | 5.51% TIREA |
| BONAR 2029 (AO29) | USD | USD 309 million | 31/10/2029 | 8.33% TIREA |
Eric Ritondale, chief economist at Puente, said the auction 'allowed capturing a high volume of refinancing, where the introduction of the new dual bond proved to be an efficient tool to channel demand for longer terms.' Martín Mazza, director of MM Investments, noted that the market participated while seeking protection: 'it wasn't full confidence in the peso, but confidence with insurance,' achieving the Treasury's desired extension of its maturity profile.
Alfredo S. Quiroga
