Letters a short term investment

Different options can be found: by emitter and adjustment
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An attractive fixed income alternative for a portfolio

Letters can offer interesting short-term returns, and with low risk. There are multiple alternatives (fixed rate, variable rate...) and they operate in different currencies. They have a secondary market with considerable liquidity.

Benefits of trading with Letters

Fixed rent

You can know in advance its profitability, since its payment flow is pre-established.


The offer is wide. There are Letters with different adjustments (fixed, indexed by inflation, etc.) and issuer risk.

Interest rate

They usually offer attractive and competitive returns compared to other assets with a similar term.

What are the different options?

Access all quotes in real time, and know all your options.

Potential your opportunities

In the Research section you will find all the reports to optimize your decisions.


It is a short-term fixed income security. In fact, its term is usually no longer than one year (365 days). They can be issued by the National, provincial and/or municipal State, and also by the BCRA, and are usually classified as low-risk investments. Like any fixed income asset, the issuer undertakes, according to the Issuance Conditions, to return to the investor on a certain date the amount received on loan and to repay said loan with interest. Therefore, the profitability to be obtained is known in advance.

Given their short term, many times these assets do not promise to make income payments, but rather are “sold” at a discount on the value that the investor will receive at maturity. The profitability will be given by the acquisition price and what you will receive at the end.

Among some of the alternatives we can find the LEDEs (Discount Bills) that are at a fixed rate, LECERES (Letters with adjustment by CER) that adjust their capital by this coefficient, and LEPASES (Letters at Pass rate), among others. In these cases, the issuer is the National Treasury.

You can invest through the primary market - in which there are usually periodic tenders for bills, in particular, by the National State - or in the secondary market. Here the depth will depend on the liquidity of each instrument.
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