On the one hand, the entity tells the market that the positive return against inflation will be in the Treasury but, at the same time, it provides indications that the rates paid by the entity in the financial system will follow that reference in parallel.
For operators, before the crisis broke out in June, the market was over-exposed to risk with the Government and the bull run served in some way to “clean” the stage. The same was reflected in the data of the Argentine Chamber of Common Investment Funds (CAFCI). In June, the FCI Industry exhibited negative net flows of $137,855 million. However, so far this year, positive net flows reached $281,965 million, which translates into a 7.9% increase in equity compared to December
Javier Casabla, CIO of Adcap Asset Management, told Ámbito that “the broker’s underlying idea is to bring peace of mind”. “When Guido Sandleris took office at the Central Bank he had established a zone of non-intervention with the dollar. This is something similar, it offers signals to know when the Central Bank is going to intervene” to support the price of Treasury bills, Casabla said. Adcap’s CIO said that the reception of the new corridor scheme “was good” since, as he stated, “the situation of fund rescues has been recovered”.
The analyst said that, even in the current context, the best investment from September 2021 to date was CER bonds. He made it clear, however, that “It is not clear what the ceiling of the rate is” since the measure released last Thursday by the governing body of the financial system does not say which of the letters offered by Economy is the reference. He added that “I think the BCRA is good, but a signal is needed from the fiscal deficit.”
Ezequiel Zambaglione, Head of Research at Balanz, said that “the strategy” of the entity chaired by Miguel Pesce is not clear, although he indicated that “It seems that they want to encourage investors to buy Treasury debt”. “The scheme ensures that the rate will always be above the fixed-term rate.” Regarding the broker’s floor, the repo rate, which is the reference for money market funds, said that “they are looking for a balance.” The idea is that the floor of the corridor does not move away from the ceiling to offer an option to the funds and prevent them from going to the financial dollar.
Walter Morales, director of Wise, explained that the BCRA “it is seeking to ensure the revolving of the debt, but that collides with the movements in the foreign exchange market”. However, he pointed out that “it must be recognized that they took a step in the right direction, although it cannot be guaranteed that they did so on time.” In this regard, he believed that “this should be accompanied by an adjustment of 15% in the wholesaler”
While, Gabriel Caamaño, from the Ledesma consultancy, considered that the officials of the Central “They should have raised the BCRA rates” and, Like other analysts, he argued that “it can be interpreted as a step for liquidity to go to the Treasury.” He also clarified that “It is not clear what is the letter that defines the ceiling of the corridor”.
“In my opinion, it was not the time to invent new things. The BCRA should have set positive rates, and the Treasury rates even higher. What would be better is that between now and 2023 they break as little as possible, ”he indicated.
Source: Ambito
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