{"id":23560,"date":"2026-08-25T03:40:36","date_gmt":"2026-08-25T06:40:36","guid":{"rendered":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=23560"},"modified":"2026-08-25T03:40:36","modified_gmt":"2026-08-25T06:40:36","slug":"todas-las-miradas-del-mercado-apuntan-a-una-licitacion-de-deuda-clave-y-los-dos-desafios-que-enfrenta-el-tesoro","status":"publish","type":"post","link":"https:\/\/cliente1.publisher.highstack.com.ar\/?p=23560","title":{"rendered":"Todas las miradas del mercado apuntan a una licitaci\u00f3n de deuda clave y los dos desaf\u00edos que enfrenta el Tesoro"},"content":{"rendered":"<div class=\"visual__image image-initial-width\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/HK6HLXDXLJFGXDH6T4EKKM6PQ4.jpg?auth=01b1435de1c9f24035b13c882b202c5818bd6f806453b9fedc657c0444362310&amp;smart=true&amp;width=992&amp;height=661&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/HK6HLXDXLJFGXDH6T4EKKM6PQ4.jpg?auth=01b1435de1c9f24035b13c882b202c5818bd6f806453b9fedc657c0444362310&amp;smart=true&amp;width=768&amp;height=512&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/HK6HLXDXLJFGXDH6T4EKKM6PQ4.jpg?auth=01b1435de1c9f24035b13c882b202c5818bd6f806453b9fedc657c0444362310&amp;smart=true&amp;width=577&amp;height=385&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/HK6HLXDXLJFGXDH6T4EKKM6PQ4.jpg?auth=01b1435de1c9f24035b13c882b202c5818bd6f806453b9fedc657c0444362310&amp;smart=true&amp;width=420&amp;height=280&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/HK6HLXDXLJFGXDH6T4EKKM6PQ4.jpg?auth=01b1435de1c9f24035b13c882b202c5818bd6f806453b9fedc657c0444362310&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"Con una mayor presi\u00f3n cambiaria, al equipo econ\u00f3mico se le complica el plan de remonetizar la econom\u00eda. (EFE\/Lenin Nolly)\" class=\"global-image\" decoding=\"async\" fetchpriority=\"high\" height=\"3154\" loading=\"eager\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/HK6HLXDXLJFGXDH6T4EKKM6PQ4.jpg?auth=01b1435de1c9f24035b13c882b202c5818bd6f806453b9fedc657c0444362310&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" width=\"4731\"><\/picture><\/div>\n<div class=\"sharebar-container display_flex sharebar-new\" style=\"opacity:1\">\n<div class=\"share-bar-article-date-container \"><span class=\"sharebar-article-date\">25 Ago, 2026 01:52 a. m. EST<\/span><\/div>\n<div class=\"sharebar-buttons-container display_flex\">\n<div aria-label=\"Guardar\" class=\"sharebar-buttons button-save\" role=\"button\" tabindex=\"0\"><svg width=\"9\" height=\"12\" viewbox=\"0 0 8 10\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"saved-icon saved\"><path d=\"M6.64286 0.5V9.31687L4.1116 7.16407L4.11106 7.16361C3.79894 6.89891 3.34392 6.89891 3.03179 7.16361L3.03126 7.16407L0.5 9.31687V0.5H6.64286Z\"><\/path><\/svg><span class=\"buttons-save-text\">Guardar<\/span><\/div>\n<div class=\"sharebar-buttons-separator\"><\/div>\n<p><button class=\"sharemenu-buttons display_flex\" aria-label=\"Compartir en Telegram\"><svg width=\"38\" height=\"38\" viewbox=\"0 0 38 38\" fill=\"none\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" fill=\"white\"><\/rect><rect x=\"0.5\" y=\"0.5\" width=\"37\" height=\"37\" rx=\"18.5\" stroke=\"#C2C2C2\"><\/rect><path d=\"M24.9696 12.5511L10.3405 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15.0383 17.6243C15.1805 18.3619 15.5983 18.9663 16.0426 19.5618C16.887 20.6638 17.8646 21.6237 19.1622 22.1925C19.7932 22.4769 20.4331 22.7613 21.1441 22.7613C21.2685 22.7613 21.393 22.7613 21.5085 22.7346C22.4506 22.5391 23.1172 22.0058 23.0816 21.0193C23.0816 20.9216 23.0194 20.7794 22.9483 20.7438C22.3973 20.4594 21.8462 20.2017 21.2863 19.9439Z\" fill=\"#555555\"><\/path><path d=\"M26.9482 17.8724C26.3972 13.4642 22.1401 10.3447 17.7229 11.1179C12.6481 11.9977 9.71521 17.2859 11.6883 21.9963C12.1948 22.6629 12.0615 23.3472 11.8216 24.0849C11.5105 25.027 11.2794 26.0046 11.0039 27C11.1194 26.9733 11.1994 26.9644 11.2794 26.9378C12.5059 26.6178 13.7324 26.3068 14.9411 25.9868C15.1544 25.9335 15.3144 25.9602 15.5099 26.0579C17.1719 26.8667 18.9227 27.0978 20.718 26.7067C24.833 25.7913 27.4548 22.0496 26.9305 17.8902L26.9482 17.8724ZM20.0515 25.4624C18.4784 25.7113 17.003 25.3913 15.6166 24.6003C15.5099 24.5381 15.3411 24.5115 15.2077 24.547C14.4612 24.7248 13.7146 24.9292 12.9147 25.1336C13.1192 24.3693 13.3058 23.6672 13.5102 22.9473C13.5635 22.7606 13.5369 22.6273 13.4391 22.4673C11.0039 18.5479 13.1014 13.5442 17.6163 12.5043C21.2868 11.6511 25.0285 14.1841 25.5884 17.908C26.1395 21.5519 23.6954 24.8936 20.0515 25.4624Z\" fill=\"#555555\"><\/path><\/svg><\/button><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"1\">En medio de una <a rel=\"noopener noreferrer\" href=\"https:\/\/www.infobae.com\/economia\/2026\/08\/24\/el-gobierno-permitio-que-el-dolar-mayorista-supere-los-1500-por-primera-vez\/\" target=\"_blank\" title=\"https:\/\/www.infobae.com\/economia\/2026\/08\/24\/el-gobierno-permitio-que-el-dolar-mayorista-supere-los-1500-por-primera-vez\/\">mayor presi\u00f3n cambiaria<\/a>, las miradas del mercado apuntan esta semana a la<b> desafiante licitaci\u00f3n de bonos <\/b>que realizar\u00e1 el Tesoro ma\u00f1ana. El dato que preocupa es que <b>vencen casi $14 billones<\/b>, lo que obligar\u00e1 al Gobierno a ofrecer un amplio men\u00fa de opciones para refinanciar la totalidad o al menos una proporci\u00f3n grande de lo que debe salir a pagar.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-1\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"2\">El contexto para llevar adelante la operaci\u00f3n presenta algunas complicaciones, en particular la <b>presi\u00f3n sobre el tipo de cambio<\/b> que se viene intensificando en los \u00faltimos d\u00edas. Ayer el<b> d\u00f3lar mayorista super\u00f3 por primera vez la barrera de los $1.500<\/b>, mientras que el minorista finaliz\u00f3 a 1.530 pesos.<\/p>\n<div class=\"inline ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline\" data-ad-slot=\"infobae\/economia\/nota\/inline\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline\" class=\"infobae\/economia\/nota\/inline arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"3\">La mayor demanda para dolarizar tambi\u00e9n se not\u00f3 en el <b>contado con liquidaci\u00f3n<\/b>, que super\u00f3 los <b>1.600 pesos<\/b>. Es la operatoria que utilizan las empresas para girar divisas al exterior partiendo de una posici\u00f3n en moneda local. Al ser un mercado en el que no participa activamente el Tesoro, refleja con <b>mayor transparencia los flujos de entrada y salida<\/b> de d\u00f3lares a trav\u00e9s del mercado de bonos.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-3\"><\/div>\n<div id=\"fusion-static-enter:raw_html_raw_html4\" style=\"display:none\" data-fusion-component=\"raw_html_raw_html4\"><\/div>\n<div class=\"rawHTML raw_html \">\n<div class=\"infogram-embed\" data-id=\"af843711-61b8-47d6-9371-fe82a3cb9f4e\" data-type=\"interactive\" data-title=\"D\u00f3lar 2024\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/div>\n<div id=\"fusion-static-exit:raw_html_raw_html4\" style=\"display:none\" data-fusion-component=\"raw_html_raw_html4\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"4\">El<b> Banco Central<\/b> ayer compr\u00f3 solo USD 11 millones y el promedio de agosto apenas llega a unos <b>USD 30 millones diarios<\/b>, contra poco m\u00e1s de USD 100 millones del mes anterior. En los bancos reconocen que hubo un <b>aumento de la compra de d\u00f3lares del p\u00fablico<\/b>, que no tiene restricciones para hacerlo a trav\u00e9s del <i>home banking<\/i> o el celular. A eso se suma que agosto es un mes de baja liquidaci\u00f3n de divisas por parte del campo y lo que entra por exportaciones de energ\u00eda no llega a\u00fan a compensar esa menor oferta.<\/p>\n<div class=\"inline_2 ad-wrapper dfpAd ad-inline ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"inline_2\" data-ad-slot=\"infobae\/economia\/nota\/inline_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/inline_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/inline_2\" class=\"infobae\/economia\/nota\/inline_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/inline_2\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"5\">En esta situaci\u00f3n, al Gobierno <b>se le complica avanzar con la consabida remonetizaci\u00f3n<\/b> de la econom\u00eda, lo que a su vez resultar\u00eda clave para alentar la actividad econ\u00f3mica. Una posibilidad para hacerlo es justamente no renovar el 100% de los vencimientos de deuda de las pr\u00f3ximas horas, una buena parte nominada en pesos.<\/p>\n<div class=\"marfeel-recommender marfeel-recommender-5\"><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"6\">\u201cLos pr\u00f3ximos <b>vencimientos por 13,9 billones<\/b> de pesos probablemente requieran un men\u00fa m\u00e1s amplio y podr\u00edan resultar en una refinanciaci\u00f3n significativamente inferior al 100%. Aun as\u00ed, en nuestra visi\u00f3n, la \u00fanica clase de activo capaz de atraer demanda relevante m\u00e1s all\u00e1 de 2027 es el bono dual que ajusta por tasa TAMAR o d\u00f3lar linked\u201d, se\u00f1al\u00f3 ayer en un reporte Adcap Grupo Financiero.<\/p>\n<div class=\"ad_1 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_1\" data-ad-slot=\"infobae\/economia\/nota\/ad_1\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_1\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_1\" class=\"infobae\/economia\/nota\/ad_1 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_1\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"7\">Por lo tanto, el Tesoro se encuentra con dos desaf\u00edos no menores. Por un lado, lograr el <b>mayor \u201c<\/b><i><b>roll over<\/b><\/i><b>\u201d<\/b> posible de la deuda que vence ma\u00f1ana <b>sin aumentar significativamente las tasas<\/b>. Pero, al mismo tiempo, tambi\u00e9n ser\u00e1 un test respecto a la <b>posibilidad de lograr una extensi\u00f3n de los vencimientos<\/b>, aunque luce como la parte m\u00e1s complicada.<\/p>\n<div class=\"visual__image\"><picture><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/ZXRHEW3KC5A6JDWYDVKA5GHM3Q.JPG?auth=9f0f860056ca95c36b27318637b100e4cb46482af6db221e4cd9abf44cc51ba1&amp;smart=true&amp;width=992&amp;height=661&amp;quality=85\" media=\"(min-width: 1000px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/ZXRHEW3KC5A6JDWYDVKA5GHM3Q.JPG?auth=9f0f860056ca95c36b27318637b100e4cb46482af6db221e4cd9abf44cc51ba1&amp;smart=true&amp;width=768&amp;height=512&amp;quality=85\" media=\"(min-width: 768px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/ZXRHEW3KC5A6JDWYDVKA5GHM3Q.JPG?auth=9f0f860056ca95c36b27318637b100e4cb46482af6db221e4cd9abf44cc51ba1&amp;smart=true&amp;width=577&amp;height=385&amp;quality=85\" media=\"(min-width: 580px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/ZXRHEW3KC5A6JDWYDVKA5GHM3Q.JPG?auth=9f0f860056ca95c36b27318637b100e4cb46482af6db221e4cd9abf44cc51ba1&amp;smart=true&amp;width=420&amp;height=280&amp;quality=85\" media=\"(min-width: 350px)\"><\/source><source srcset=\"https:\/\/www.infobae.com\/resizer\/v2\/ZXRHEW3KC5A6JDWYDVKA5GHM3Q.JPG?auth=9f0f860056ca95c36b27318637b100e4cb46482af6db221e4cd9abf44cc51ba1&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" media=\"(min-width: 80px)\"><\/source><img alt=\"El Tesoro enfrenta vencimientos por casi $14 billones y el mercado sigue atento al resultado de la licitaci\u00f3n. (REUTERS\/Irina Dambrauskas)\" class=\"global-image\" decoding=\"async\" fetchpriority=\"low\" height=\"3667\" loading=\"lazy\" src=\"https:\/\/www.infobae.com\/resizer\/v2\/ZXRHEW3KC5A6JDWYDVKA5GHM3Q.JPG?auth=9f0f860056ca95c36b27318637b100e4cb46482af6db221e4cd9abf44cc51ba1&amp;smart=true&amp;width=350&amp;height=233&amp;quality=85\" width=\"5500\"><\/picture><\/div>\n<p class=\"paragraph\" data-paragraph-number=\"8\">En los \u00faltimos meses, el Tesoro logr\u00f3 colocar bonos en pesos con vencimientos en 2029 y 2030, a partir de la emisi\u00f3n de duales. Esto significa que el inversor cobra al final seg\u00fan lo que haya rendido m\u00e1s: tasa de inter\u00e9s o d\u00f3lar oficial (al menos en las \u00faltimas emisiones).<\/p>\n<div class=\"ad_2 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_2\" data-ad-slot=\"infobae\/economia\/nota\/ad_2\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_2\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_2\" class=\"infobae\/economia\/nota\/ad_2 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_2\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"9\">Pero el aumento de la incertidumbre electoral oblig\u00f3 en la \u00faltima licitaci\u00f3n (de apenas $ 4,6 billones) a <b>colocar deuda en pesos mucho m\u00e1s corta<\/b>, con vencimiento previo a las elecciones presidenciales. Adem\u00e1s, se achic\u00f3 sustancialmente la emisi\u00f3n de bonos en d\u00f3lares (Bonar 29).<\/p>\n<p class=\"paragraph\" data-paragraph-number=\"10\">M\u00e1s all\u00e1 de la presi\u00f3n cambiaria, el arranque de la semana aport\u00f3 datos un poco m\u00e1s tranquilizadores para los inversores. El riesgo pa\u00eds se mantuvo cerca de los 500 puntos b\u00e1sicos. Adem\u00e1s, los ADR argentinos subieron hasta 8% en Nueva York, especialmente las acciones bancarias.<\/p>\n<div class=\"ad_3 ad-wrapper dfpAd ad-1-al-6 ad-text ad-component-container\" style=\"--ad-shell-height:250px;--ad-shell-width:300px\" data-ad-wrapper=\"arcad\" data-ad-type=\"ad_3\" data-ad-slot=\"infobae\/economia\/nota\/ad_3\" data-ad-container=\"dfp\" data-ad-slot-name=\"infobae\/economia\/nota\/ad_3\">\n<p class=\"ad-shell-label\">PUBLICIDAD<\/p>\n<div id=\"infobae\/economia\/nota\/ad_3\" class=\"infobae\/economia\/nota\/ad_3 arcad ad-slot-node ad-slot-node--boxed\" data-ad-slot-id=\"infobae\/economia\/nota\/ad_3\"><\/div>\n<\/div>\n<p class=\"paragraph\" data-paragraph-number=\"11\">Tambi\u00e9n result\u00f3 un dato mejor al esperado el \u00edndice de confianza en el Gobierno que elabora Poliarqu\u00eda para la Universidad Di Tella. Con una suba de 6%, represent\u00f3 un<b> repunte significativo luego de la ca\u00edda de julio y vuelve a poner a Javier Milei<\/b> con buenas perspectivas electorales, lo que deber\u00eda ayudar a tranquilizar a los inversores, al menos en el corto plazo. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>25 Ago, 2026 01:52 a. m. EST Guardar En medio de una mayor presi\u00f3n cambiaria, las miradas del mercado apuntan esta semana a la desafiante licitaci\u00f3n de bonos que realizar\u00e1 el Tesoro ma\u00f1ana. El dato que preocupa es que vencen casi $14 billones, lo que obligar\u00e1 al Gobierno a ofrecer un amplio men\u00fa de opciones [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":23561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-23560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/23560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23560"}],"version-history":[{"count":0,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/posts\/23560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=\/wp\/v2\/media\/23561"}],"wp:attachment":[{"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cliente1.publisher.highstack.com.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}