Also Economy will have to pay $343 million in principal and $179 million in interest on the Federal Consensus Bondaccording to the detail reported by the Congressional Budget Office (OPC).
The operators agree that this month the conditions of access to the market for the Government were hardened stronglyafter September, when through the placement of dual bonds it had obtained a net financing for almost double what it had gone out to look for.
Diego Martínez Burzaco, economist and financial adviser, considered in this regard that the Government “is costing a lot to roll over the debt.” In this sense, he indicated that a sign of the problems that he must face is that the last Treasury bills adjustable for inflation (Lecer) have not been able to place them for terms that do not exceed May 2023. The analyst pointed out that “some event we are going to have with the debt in pesos” although of lesser magnitude than the one that occurred in June of this year when there was a significant outflow of Common Funds of government letters.
For the financial adviser, who was in an open chat through the social network Twitter with the economist Christian Buteler, “no one is going to want to be in Treasury debt by the time of the elections” next year, for which he considered that the event will occur “well before August”.
first test
In the first tender of the month, Economía obtained a net financing of only $17,000 million. He went out looking for $164,500 and got $181.251 million.
It offered 3 titles maturing in 2022 and 2023. A LELITE maturing on November 9, 2022 was issued and two letters were reopened, one at a discount (LEDE) maturing on February 28, 2023 and another adjusted by CER (LECER) whose maturity is May 19, 2023. The rates that the Treasury had to pay were close to 113% effective annual.
The Government this month also has the challenge of returning to the Central Bank of the Argentine Republic (BCRA) Temporary Advances to the Treasury for some $260,000 million.
Already for November, the Ministry of Economy will have to meet bond maturities for $843,355 million plus $130,000 million in advances from the BCRA, with which it is expected that the Government will try to push a new swap of debt for dual bonds.
Source: Ambito
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