in the first batch will go out to offer a short LELITE, only for FCIs, for a total of $40,000 million, nominal value, with a cut-off price of $977.90 and on the other hand, for the entities that form the Market Makers Program, a LEDE for $30,000 million, face value, with a cut-off price of $831.06, maturing on November 30; and one LECER (tied to inflation) as of February 17, 2023 for $20,000 million, nominal value, and a cut-off price to be determined in the tender.
In the case of the LELITES, the Ministry of Economy indicated that the Common Funds that participate must “deliver their interest through their Depository Companies and no offers will be allowed for their own portfolio or that of third parties of Depositary Companies or individuals or legal entities other than Funds. Investment Commons”. “It is clarified that the Lelites are non-transferable and non-negotiable. On the day of settlement, the Depository Companies may instruct the Central Bank to make a single transfer to Caja de Valores so that the instruments are deposited in the principal accounts of the Common Investment Funds that participated in the operation”, reported Economy.
With the background of the exchange, it is estimated in the market that the Ministry of Economy will not have major problems to renew the maturities. “It exceeded expectations,” said sources from the Treasury Palace, who explained that the result was sustained by the expectations generated from the arrival of Massa to the Economy portfolio and the talks previously held with private actors.
Nevertheless, the new Minister of Economy did not finish “cleaning” all the road that remains until the end of the year regarding commitments in pesos. In November has maturities for the equivalent of US$6.1 billion and in December for US$10.8 billion.
In the eleventh month there is $1.8 billion in bills tied to inflation and $2.1 billion in unadjusted local currency. There is another US$1.6 billion “dollar linked” US$600 million in foreign currency. In December, there are US$3.5 billion left in CER securities, US$4.4 billion in bonds in pesos without an adjustment clause, US$2.9 billion in foreign currency.
In that sense, in Economy they consider that the scenario is clear until October of this year, so do not rule out the possibility of another swap for maturities in the last two months of the year, but they consider that given the time that still remains for that date, they can think of instruments that meet the needs of those holders without reaching the exchange.
On the other hand, the operators do not rule out that, if the Ministry of Economy decides not to renew the temporary advances of the Central Bank, which add up to the equivalent of US$6.9 billion, which expire between November and December, they will have to go out and look for more pesos. in the local market.
Source: Ambito
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