This week, The Treasury seded the Central Bank (BCRA) Rate Bonds fixed that he had in his portfolio for lyrics and bonds linked to the evolution of dollar official. While it is not a rare operation, it occurs at a time when monetary authority is actively intervening to provide exchange coverage.
The demand for this type of instruments in the market not only grew by the uncertainty With respect to the exchange scheme after the elections, but also for the strong Agro settlements. Those producers who exported entered dollars in advance and received pesos went out to cover the positions to maintain an economic equation that benefits them.
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Thus, the government is using all the tools it has available to try contain the increase of the dollar. From treasure currency sales to BCRA interventions in futures, all options are pointed to the same objective: maintain the exchange rate far from the upper limit of the flotation bands regime.
The Central Bank. (Photo: Agustín Mariano/Reuters).
Since the BCRA has a US $ 9000 million limit to its position sold in the market of future more important, A3on the last wheels it also began to complement the coverage offer through two mechanisms. On the one hand, with the sale of futures in Byma Byma; on the other, it started to offer Bonds dollar linked.
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In particular, operators claim that the agency was using the letter linked to the official dollar (Lelink) That the October 31although at the end of this week it also began to offer the instrument that expires on November 28.
In total, the Ministry of Economy He gave five titles to BCRAfor a nominal value US $ 1457 million:
- Lelink expiring on 11/28/2025 (D28n5).
- Dollar bonus linked as of 12/15/2025 (TZVD5).
- Lelink al 16/1/2026 (D16E6).
- Lelink al 30/4/2026 (D30A6).
- Dollar bonus linked on 6/30/2026 (TZV26).
An expected, but anticipated operation
“Era foreseeable that the Central Bank promotes a new exchange to recover margin of intervention in the dollar curves linkedin a context where we estimate that its position sold in dollar futures would be around US $ 7000 million“, Considered the analysts of PPI.
“Lately A lot of coverage is offered in the Lelink to Octoberas we mentioned, so, with this exchange, renew stock to expand its offer and so, perhaps, Do not overload the position in futures”, Their colleagues agreed Outlier.
Official interventions to provide exchange coverage are combined with currency sales by the Treasury. (Photo: Reuters).
Los exchanges of bonds between the BCRA and the treasure are usual Because this last agency is prohibited from entering the primary debt tenders to renew the public titles it has in its possession at the time of expiration.
However, as detailed Max Capitallo unusual In this case it was that The operation was performed many days before the next tender of the Treasury, scheduled for October 15.
“And Similar exchange two weeks ago He had provided Bcra Bonos dollar-linked for US $ 1700 million that, apparently, They were already sold In the market. This suggests that the new operation aims to increase the available stock of instruments to intervene, allowing you to sell dollar bonds linked and futures contracts to relieve exchange pressure and partially compensate the sales of treasure dollars, “they said from that stock market.
