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Argentina Adds Three CER‑TAMAR Bonds as Markets Price Pre‑Election Rate Risk

Analysts say the dual‑pay structure offers an inflation protection floor with potential extra yield if the government tightens policy before the 2027 vote.

El S&P Merval cerró la semana con fuerte rebote, impulsado por bancos y energéticas, mientras el riesgo país cayó a mínimos de la gestión tras la mejora de calificación crediticia y el dato de inflación de mayo
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Overview

  • The Treasury on June 10 sold three new CER‑TAMAR bonds maturing in December 2028, December 2029 and June 2030, bringing the total outstanding CER‑TAMAR menu to five instruments.
  • CER‑TAMAR bonds pay the better of two references: the CER inflation adjustment that protects principal or a TAMAR‑linked payout tied to large deposit rates.
  • Since the 2025 legislative vote, the central bank’s reserve build and exchange‑rate stability have kept real rates negative, which has left the TAMAR leg dormant for now.
  • Market analysts view the new issues as a defensive hedge because they guarantee inflation protection while allowing upside if real rates turn positive, but they warn the bonds’ long duration can cause sharp price swings for short‑term investors.
  • If the 2027 electoral calendar prompts the government to raise rates to defend the currency or curb inflation, CER‑TAMAR holders could gain higher yields, and ordinary savers and portfolio managers should watch rate moves and bond price volatility closely.