As officially reported, the tender left a positive margin of $13,405 million and consequently, in October, the Ministry of Finance obtained net financing for $34,714 million.
The largest volume was traded in the Discount Letter (LEDE) maturing on February 28 with a nominal value awarded of $111,747 million. The effective value awarded was $86,669 million with an annual nominal rate of 88%, which meant an effective annual yield of 116.6%. A Liquidity Letter (Lelite) was also issued with maturity on November 23 for $28,609 million, at an annual nominal rate of 69%, destined exclusively for mutual funds. In addition, a bond linked to the official dollar was offered as of July 31, 2023 for a face value of US$240 million, but US$211 million were awarded.
Analyst Christian Buteler pointed out to Ámbito that “the renewal has probably been a bit limited since it achieves 100%”. And he recalled: “The Treasury not only has to achieve 100% renewal but also the necessary pesos to finance its deficit since it cannot resort to issuance.”
The economist considered that “there is a theme to follow”. Last month, thanks to the soybean dollar and the payment of the extraordinary advance of the Income Tax, the Government had a surplus, which in some way moderated the need to obtain pesos in the market. On the other hand, he commented that “in relation to the rate, what is being validated by the secondary market is being respected.”
“The result of the tender was good, despite the fact that no inflation-adjustable instruments were offered, which we understand are the most appropriate for this context where inflation is high and volatile,” said Alejandro Rivas, research analyst at Balanz.
Source: Ambito
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