Carry Trade

Dolar de equilibrio al vencimiento para bonos capitalizables

Como interpretar

El dolar de equilibrio es el valor al que deberia estar el dolar al vencimiento para que comprar el bono hoy sea equivalente a comprar dolares hoy. Si el dolar al vencimiento esta por debajo del equilibrio, el carry trade fue rentable.

Formula: Dolar Equilibrio = Dolar Actual x (Valor Final / Precio Actual)

Oficial

$1.465

MEP

$1.459,53

Blue

$1.450

BONCAPs (Bonos Capitalizables)

Ticker	Precio	Dias	Oficial ($1.465)	MEP ($1.460)	Blue ($1.450)	CCL ($1.497)	Breakeven (anual)
T13F6	143.77	9	$1.477	$1.472	$1.462	$1.509	+39.8%
TTM26_CAP	145.60	41	$1.361	$1.356	$1.347	$1.390	-48.2%
T30J6	126.80	146	$1.674	$1.668	$1.657	$1.710	+39.6%
TTJ26_CAP	142.90	147	$1.483	$1.477	$1.468	$1.515	+3.0%
TTS26_CAP	140.25	224	$1.589	$1.583	$1.572	$1.623	+14.1%
TTD26_CAP	137.65	315	$1.715	$1.709	$1.697	$1.752	+20.0%
T15E7	120.35	345	$1.961	$1.954	$1.941	$2.003	+36.1%
T30A7	108.40	450	$2.126	$2.118	$2.105	$2.172	+35.3%
T31Y7	102.40	481	$2.168	$2.160	$2.146	$2.215	+34.7%
T30J7	104.50	511	$2.188	$2.179	$2.165	$2.235	+33.2%

LECAPs (Letras Capitalizables)

Ticker	Precio	Dias	Oficial ($1.465)	MEP ($1.460)	Blue ($1.450)	CCL ($1.497)	Breakeven (anual)
S27F6	123.16	23	$1.497	$1.491	$1.482	$1.529	+40.8%
S16M6	100.75	40	$1.521	$1.516	$1.506	$1.554	+41.1%
S17A6	102.79	72	$1.570	$1.564	$1.553	$1.603	+41.8%
S30A6	118.08	85	$1.582	$1.576	$1.566	$1.616	+39.0%
S29Y6	119.50	114	$1.619	$1.613	$1.602	$1.654	+37.7%
S31L6	100.29	177	$1.719	$1.713	$1.701	$1.756	+39.1%
S31G6	105.55	208	$1.764	$1.757	$1.746	$1.802	+38.5%
S30O6	107.71	268	$1.840	$1.833	$1.821	$1.880	+36.4%
S30N6	100.91	299	$1.886	$1.879	$1.866	$1.926	+36.1%

Breakeven: devaluacion anual necesaria para empatar. Verde = alto margen, seguro. Amarillo = moderado. Naranja = poco margen. Rojo = perdes vs dolar.

19 bonos analizados. Fecha: February 3rd, 2026