There are two data that should be highlighted. On the one hand, Sergio Massa managed to place $148,009 million yesterday and covered maturities for $134,604 million in what was the second debt auction in pesos in October. To do this, he had to validate an effective annual rate of 116.6%, in line with the price on the secondary market. On the other hand, an economic bishop of the opposition, the former Minister of Economy, Hernán Lacunza, decided to remove the word “reprofiling” from his vocabulary and sought to moderate his speech when talking about the situation of the debt market in pesos. As reported by Ámbito in today’s edition, the economist assured that “the last option is a disruptive event”, under the hypothesis that the debt market in pesos becomes a complex terrain. “The black cloud that settled over the debt in pesos in June did not dissipate, it was postponed for the third quarter of 2023, which is the electoral moment,” Lacunza said in a talk organized by a fund manager, before some 1,500 executives. finance companies and investors.
It’s not little. Above all, if one bears in mind that, during the start of 2022, the economists of Together for Change had let it be known that they did not agree with the idea of accumulating commitments (which Martín Guzmán was threading at the time), which generated “waves” linked to the “reprofiling” that Lacunza himself had carried out in 2019.
It is understood that, to the extent that the opposition referents begin to disarm the “ghosts” around a reprofiling once “the wall” is overcome, it is likely that the Ministry of Finance will begin to gain power to carry out its roll-over of maturities, which are gradually entering 2024. At first glance, a drop in the volatility generated by political discussions is convenient for both.
Source: Ambito
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