Last week’s swap had good results, although it was almost entirely intra-state maturities, titles that were in the hands of public agencies and dependencies.
The conditions in which Guzmán has to renew maturities and in turn obtain some more funds to finance the fiscal deficit are complicated. According to a report by the consulting firm GMA Capital “After a few quiet days, the bailouts in the Common Investment Funds CER (FCI-CER) and the so-called T+1 grew again”.
“In June alone, an amount of $270,000 million left these categories to migrate, to a large extent, to banking risk positions (FCI Money Market and fixed terms)”, says GMA Capital.
The report states that “within the framework of a peso market that continues to be virtually paralyzed, the Central Bank operated strongly on the CER title curve to defend the shorter bond parities and not complicate the official financial program.”
“Strictly speaking, the monetary authority would have intervened with an issue of $420,000 million so far in June, a figure that is not non-trivial because it is equivalent to almost 11% of the monetary base”notes GMA Capital.
The fund manager warns, in this sense, that “without private investors willing to voluntarily participate in the auctions to refinance maturities, the outlook for the Treasury is darkened.”
“In the remainder of the year, there are commitments for $3.6 trillion ($29.2 billion at the official exchange rate). And in 2023, payments total $3.9 trillion ($31.6 billion). .
In this way, the sum for the next 19 months (including June) reaches $7.5 trillion (US$60.8 billion), and 75% of those maturities correspond to inflation-indexed bonds.“, he maintains.
With this scenario, Guzmán presented this afternoon the menu of instruments to obtain the remaining $243,000 and offered a positive real interest rate.
- LELITE maturing on July 29, with an adhesion price that results in a TNA of 51% and a TEA of 61.72% for the 29-day term.
- Reopening of the LEDES maturing at the end of August, October and November with maximum subscription prices which implies for the investor to guarantee the following minimum rates: TNA 55.57%/TEA 70.06%; TNA 58.43%/TEA 70.46% and TNA 60.01%/TEA 70.80%.
Reopening of the LECER maturing on October 21 and December 16, 2022.
- New LECER maturing on November 23, 2022 with a maximum subscription price that guarantees the investor a real rate of 2.75%.
- Reopening of US dollar-linked bonds maturing on 4-28-2023 and 4-30-2024.
Bids may be submitted between 10 a.m. and 3 p.m. on Tuesday 28 and the Second Round, for eligible species of the Market Makers Program, on Wednesday June 29 from 11 a.m. to 1:30 p.m.
Source: Ambito
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