The Minister of EconomyLuis Caputo, the process to face a challenging debt maturity scenario in August pesos begins on Monday. Will announce the menu of bonds and letters of the first call for tender, which has commitments ahead of $ 14.98 billion in Lecaps. But if you take the total of the month it is $ 23.01 billion, or the equivalent AU $ S17.5 billion.
While in the market it is indicated that The level of interest rates has been stabilized in recent daysthe reality is that they were higher than before the Government will advance with the replacement of the Lefis with Lecaps to the banks to address the very short -term liquidity problems.
“After some downward wheels, short rates in pesos woke up in recent dayswith the bond 1 day advancing to TNA 39.1%, when on Tuesday he had operated in TNA 28.6%. ”He explained Juan Manuel Franco, Chief Economist of Grupo SBS.
Franco said that the upward pressure in short rates “is associated with the highest lace requirements of the BCRA for August, which involve less liquidity in the system.” “This phenomenon of rates, we believe, is what underlies the drop in the dollar in these last wheels, ”said the professional.
Franco indicated that it is necessary to take into account “what is the result of the tender of debt in pesos of next week, especially in the field of ´rorolover´, To see what so many pesos prefer banks not to renew to make liquidity, and that implications have that on short rates in pesos and dollar. ”
The treasure cleaned (something) the expiration scenario: market attentive to the bidding call
Last week the treasure carried out an operation of debt exchange for about $ 5 billion with the Central Bank, to which he withdrew Lecaps that he had in his portfolio to clear the expiration scenario of this month.
In this regard, the Secretary of Finance, Pablo Quirno, said the maturities are the following:
August ($ 23.01 billion) 15/8 (S15G5) $ 14.98 billion 29/8 (S29G5) $ 8.03 billion September ($ 7.73 billion) 12/9 (S12S5) $ 5.06 billion 30/9 (s30s5) $ 2.67 billion October ($ 5.58 billion) 17/10 (S17O5) $ 3.86 billion (S31O5) $ 1.72 billion
“I understand that the confusion can be generated by including in the maturities the lecaps in the power of the BCRA (replacement of Lefis) that are refinating Outside bids at market prices. Treasury’s financial strategy will continue to be consistent with monetary policy avoiding surpluses. This financial strategy is unprecedented in the country and can be carried out by the conviction and commitment of President @jmilei with his government team with fiscal balance.
Similarly, PERSONAL INVESTMENT PORFOLIO (PPI) He pointed out in his latest customer report that interest rates for the most short -term letters “They shot again at high levels. ”
“The bond came to touch 44% TNA and the repo rate 65%, In a context of greater shortage of weights, because banks have to integrate a greater proportion of cash lace since August 1, ”said PPI.
The report says that “the BCRA rose the lace for FCI and Caúcion from 20% to 30% on July 17 and from 30% to 40% on July 31, jumping from 20% to 40% in just one month.” “At the same time, at the end of July, the lace also rose for the rest of the deposits in view of 36% to 40%, requiring the integration by the cash differential and not in public titles,” says the stock company.
The report argues that “The key is that the decision of July 31 was after the last tender of the 29 Treasury, which may have complicated the planning of the entities in the first days of August”It is estimated that lace was about $ 5.4 billion.
“Until the tender on Wednesday, July 13 Liquid, which will only be July 18, we may find ourselves in a situation of lack of liquidity. Therefore, we should not surprise us that there is some volatility in the peso curves, that the rates increase and that the dollar is pressed down, ”said PPI.
Source: Ambito
