Last Wednesday, the Ministry of Economy, Luis Caputo He carried out a debt tender in which a bonus tied to the dollar was included, known as “Dollar Linked”. This bonus was designed to protect the holders in case of a devaluation of the Argentine peso.
However, the demand for this bonus was almost nil, with only $ 80,000 million. Luis Caputo He used social networks to comment on the outcome of the tender. “We offered a dollar Link for those who saw exchange delay, but had no demand,” Caputo wrote in his X account.
Javier Milei also spoke about it, supporting the management of Caputo And highlighting that “one thing is those who think, another the market.” The inclusion of the Dollar Linked bond in the debt operation was interpreted by the market as a government message towards investors.
In the midst of a growing debate about whether there is a exchange rate delay and if this is a topic of discussion with the International Monetary Fund (IMF), the Argentine Economic Team told the market that if he believes that the exchange scheme may not be sustained by the Government, who takes exchange coverage and loses the opportunity to continue making Carry Trade.
The outcome of the tender indicated that the award of the bonus tied to the devaluation was minimal. According to the Palace of Finance, the Ministry of Finance announced that in today’s tender awarded $ 5,204 billion having received offers for a total of $ 5,724 billion.
The Dollar Linked bonus had an award of 0.080 billion pesos, which is equivalent to $ 80,000 million. Caputo And the Secretary of Finance, Pablo Quirno, left from their accounts in X to boast of the result. “We offered a dollar Link for those who saw exchange delay, but had no demand,” he wrote Caputo.
Bonds
Quirno added: “We offered Dollar Linked as of January 2026 … and almost no one came (we awarded 80,000 sticks pesos to devaluation +5%)”. The market interpreted the low demand for the Dollar Linked bond as a sign that there is no fear of a devaluation of the Argentine peso.
However, several economists and specialists went out to say in the networks that the result of the tender does not imply that there is no exchange delay. Constantine Hevia economist, professor at Torcuato Di Tella, said: “Is the TC back? Tender bonus tied to the official dollar has been deserted does not imply that the TC is late, in balance or advanced. ”
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