National Treasury Tender March 2026: Ministry of Finance reveals the complete menu of instruments for the second call

📅 March 27, 2026 | By the Economy and Finance team

The national government, through the Ministry of Economy's Ministry of Finance, announced this Thursday, March 25, the menu of instruments that it will make available to investors in the National Treasury debt auction corresponding to the second call of March 2026.

The operation, which will take place this Friday, March 27 from 10:00 a.m. to 3:00 p.m., seeks to renew maturities for approximately $8 billion and consolidate the financing strategy in pesos and dollars with a diversified range that includes fixed rate, inflation adjustment (CER), TAMAR variable rate, dollar linked and hard dollar bonds. 💰

The receipt of bids will end at 3:00 p.m. on Friday and the settlement will be finalized on Monday, March 31, 2026 (T+2), according to the official statement published in argentina.gob.ar.

Why is this tender key? In a context of a sharp reduction in monetary issuance and greater market confidence in the economic management of Minister Luis Caputo, the Treasury seeks to validate competitive rates and extend terms, especially with the novelty of the new Bonar 2028 (AO28) that stretches maturities beyond the current electoral cycle. This instrument is in addition to the reopening of the Bonar 2027 (AO27) and represents a clear message of fiscal predictability.

Full menu of instruments offered by the Ministry of Finance

The offer includes seven main instruments plus a voluntary conversion option for the BONCER TZX26. Here is the official detail:

In addition: Voluntary conversion of the TZX26 TRUMP (expiry 30/06/2026) by:

• Bono TAMAR nuevo (31/08/2027) o
• Bono CER nuevo (31/03/2028)

Source: Official statement from the Ministry of Finance – 25/03/2026.

Economic context and market expectations

This auction represents a key test to measure the appetite of local and institutional investors (including ANSES, which has significant exposure) in a scenario of falling inflation and stabilized official dollar. Analysts expect a rollover of more than 100%, similar to that recorded in previous calls, thanks to the diversity of instruments that cover different profiles: conservative (fixed rate and TAMAR), inflationary (CER) and dollarized.

The inclusion of the new Bonar 2028 is one of the great novelties. With an annual nominal rate of 6%, the instrument allows the Treasury to raise fresh dollars to strengthen reserves and extend the debt profile beyond 2027, reducing future pressure on the exchange rate.

Federico Furiase, Secretary of Finance, has been implementing a strategy of "smart financing" that combines attractive yields with longer terms, in line with the objective of eliminating the primary fiscal deficit.

What do investors need to know?

• Individuals and legal entities can participate through authorized settlement and custody agents (ALyCs).
• The tender is by price (the cut-off rate is determined).
• Hard dollar bonds (AO27 and AO28) are subscribed exclusively in US dollars.
• Strong demand for CER and dollar-linked instruments is expected in the face of possible volatility scenarios.

Approximate reading time: 6 minutes.

Keywords for SEO: National Treasury tender March 2026, Ministry of Finance instruments menu, second debt call March, LECAP 17/07/2026, BONCER 2027 2028, Bonar AO28 new, rollover $8 billion, Luis Caputo financing.

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