Given the strong mistrust that persisted between banks and mutual funds, which are the main investors in Government securities in pesos, andhe Treasury had to dispose of a bond with what in the jargon are called “sweeteners”, that is, something more than the interest rate.
Thus, a Dual Bond will be issued that adjusts its yields for inflation (CER) or for the evolution of the official dollar (dollar linked), whichever has risen more at the time of payment.
In the last tender for bills, the Treasury validated effective annual rates of 90% and in the case of bills tied to the dollar, 2.5 points more than the normal rate were paid.
In this way, banks, mutual funds and investors that enter the operation voluntarily will now be covered until September of next year against an escape from inflation or against a potential devaluation of the official exchange rate.
The Ministry of Finance put together a first option of Lecer, Lepase and Ledes that expire this month to be exchangeable for a Dual in June of next year.
The second is made up of Boncer and Ledes to September that are exchanged for a Dual to July 2023, and a third package of Lecer and Ledes that conclude in October and are exchanged for a Dual to September of next year.
The operation will be settled on Friday, as reported by the Ministry of Finance and the details of the same were discussed with representatives of banks and mutual funds and Massa.
It is estimated that 62% of the bills issued by the Treasury constitute intra-state debt, 50% is purely between agencies and companies of the national State and 12% in provincial banks.
On the other hand, Thursday, August 11, the date of the normal debt tenders carried out by Economy is maintained.
In this case, depending on the level of acceptance of the swap, Finance will have to order its offer, if it manages to clear all the August maturities, it will have to place only a part to meet the fiscal deficit.
Source: Ambito
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