The Government published the new issuance schedule to refinance Treasury debt

The Ministry of Economy announced the new Treasury issuance schedule , with the goal of refinancing debt sustainably. This strategy seeks to provide greater certainty to investors and is part of the stabilization process promoted by the Government , as part of its commitment to a zero deficit.

According to official sources, the new scheme includes biweekly auctions with a clear description of the instruments to be offered. Among them, fixed-rate LECAPs with maturities of 1, 2, and 3 months stand out. In addition, securities with maturities of more than one year will be auctioned in various formats, such as CER , TAMAR , dollar-linked , and hard dollar .

These measures are part of the Treasury's plan to improve the maturity profile, reduce the debt burden on GDP , and generate more predictable macroeconomic conditions. According to the Ministry, market support demonstrates confidence in the disinflationary process.

Since December 2023, consolidated debt with private entities and international organizations has increased from 100% of GDP to 39.5% in March 2025. The average maturity of debt in pesos has also been extended, from one day to twelve months.

Another relevant fact is that index-linked debt , which previously dominated issuance, now represents only 10%. This, according to the Ministry of Economy, reflects greater stability and a more favorable context for further deepening the financial program.

On July 17, the Liquidity Fiscal Notes (LEFI), created to facilitate the elimination of the BCRA's interest-bearing liabilities, will mature. In this context, the government will exchange them for a set of LECAPs listed on the secondary market , thus seeking to improve liquidity and maturity management.

Another new feature is that dollar subscriptions will be available for securities with maturities of more than one year, up to a monthly amount of USD 1 billion. This will be available to both residents and non-residents, with no minimum maturity for those operating through the MLC or in primary Treasury placements.

The instruments issued will have a minimum volume that guarantees their circulation in the secondary market. Furthermore, the BCRA reserves the right to intervene when it deems it necessary to ensure the proper functioning of the capital market.

"With these measures, the Treasury is making progress toward its goal of refinancing its obligations at sustainable rates," the Ministry emphasized. They also emphasized that the maturity profile will continue to be extended and the debt's share of GDP will be reduced, thus strengthening a framework of macroeconomic predictability and sustainability.