RS denominated bonds are still CER-adjusted (inflation linked) although the trend is now for Treasury issues to be in floating rate notes linked to BADLAR (average deposit rate) as the gradual retiring of CER exposures continues. The Treasury has also issued USD denominated bonds, some of which are und

uperior for those that tolerate lower liquidity. In particular, we believe, BOCANs could benefit from a tightening spread between LEBAC yields and BADLAR. We expect higher-for-longer LEBAC rates to attract a larger share of savings while a growing economy will demand more credit from banks. Altogeth