It was an important test for Economy, considering the setback that the financing in pesos had in April, when the Treasury it only renewed 90% of the maturities.
“I consider that it was a good result considering the context of the international market, with Argentine titles at historic lows, developed stock markets falling 20% in 2022, which represents the second worst start to the year in history; and with the Brazilian real devaluing from 4.50 to 5 per dollar”, Santiago López Alfaro, president of Patente de Valores, told Ámbito.
Also, he projected “With the market maker program this Friday, the Economy is going to capture another $20,000 or $30,000 million more, which is going to give a roll over of perhaps 110% or 115%.”
1,335 offers were received, representing a total of VNO $814,471 million, awarding an effective value of $783,499 million.
Of the total financing obtained in the first auction in May, which included a combo of Treasury securities redeemable between 2022 and 2027 (Lelite, Lede, Lecer, Bono Linked, Boncer and Bote), 64% of the awarded amount was at a fixed rate, 35% was in CER-adjustable instruments, and the remaining 1% in the dollar-linked instrument.
In turn, 12% of the total amount obtained corresponded to instruments maturing in 2022, 22% in 2023, 1% to the linked dollar bond maturing in 2024, 5% to the instrument maturing in 2025, 1 % to the instrument maturing in 2026 and the remaining 59% to the instrument maturing in 2027.
The menu of instruments offered in this tender was made up of 7 titles and two baskets, maturing between 2022 and 2027. A new LELITE maturing on June 16 was issued, a discount bill (LEDE) maturing on September 30 was reopened, and a new LEDE maturing on October 31, 2022 was issued.
Likewise, a dollar-linked bond was reopened, maturing on April 30, 2024, a new CER-adjusted bond was issued, maturing on November 9, 2025, and the BONCER was reopened, maturing on November 9, 2026.
In addition, a new Treasury bond in pesos, maturing on May 23, 2027, the most demanded.
Lastly, they offered two baskets of titles composed of the reopening of letters adjusted by CER. The first comprised 20% of a LECER maturing on October 21, 2022 and 80% of a LECER maturing on April 21, 2023, while the second comprised 30% of a LECER with maturing on December 16, 2022 and 70% for a LECER maturing on May 19, 2023.
Within the framework of the Market Makers Program, this Friday, The Second Round will be held, where offers may be received and awarded for up to 20% of the total nominal value awarded in today’s tender for the eligible titles of the program.
The next tender will take place on Friday, May 27, as previously reported in the preliminary tender schedule for the first half of 2022.
Source: Ambito
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