Economy Launches Dual TAMAR/Dollar Linked Bond and Seeks to Renew 8.4 Trillion

The Ministry of Economy will launch a new dual bond that adjusts by the TAMAR rate or the official dollar in the upcoming debt auction, which has maturities of 8.4 trillion. This bond offers investors the option to choose between the wholesale fixed-term rate or the exchange rate. With this new instrument, there are three types of TAMAR bonds: the original, the TAMAR/CER that adjusts for inflation, and the new TAMAR/Dollar Linked. The second auction of the month will take place this Wednesday and will also include a new issuance of the AO29, a dollar bond that matures in October 2029, with a total issuance of 2 billion nominal dollars and 1.38 billion still to be placed. The auction will include other instruments such as LECAP, BONCAP, CER/TAMAR, and Dollar Linked. Portfolio Personal Inversiones indicated that the Treasury faces maturities of around 8.46 trillion after the exchange of dollar-linked bonds. Dhalmore Capital highlighted that the auction maintains a similar dynamic to previous ones, with the novelty of the dual bond, reflecting the Treasury's intention to extend the duration and offer covered instruments.

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