PPI pointed out that “in view of the fragile situation” Economy “offers an assorted menu of alternatives in all types of adjustment.” First there will be a 14-day Lelite, only for Mutual Funds at a TNA of 69% in line with the latest tenders, but for fewer days.
“An interesting point is finally the return of the CER, after many weeks of absence. The market knows that the Finance team must endorse rates between 5.5/6.5% in the secondary market of the short section CER, and perhaps a little more”, said the consultancy.
there will be a reopening of the Lecer on April 21 (X21A3), where “the best value on the menu could be” offered by the Palacio de Hacienda, according to market expectations. Meanwhile, the Treasury will reopen the Ledes (fixed rate) on March 31 (S31M3) and April 28 (S28A3).
“Given the possibility of an optimistic data in the next IPC of that Thursday, the short LEDEs could also perceive some demand. We see the shortest Lede yielding between 112/114.4% of the Annual Effective Rate in the secondary market”, PPI pointed out.
Secondly, Finance arranged an offer of BADLAR rate-adjustable bonds, with the expansion of BOCAN 2027 (TB27), a title that is aimed at banks because with this they can integrate deposit reserves in savings banks, checking accounts and fixed term accounts for up to 5%.
Also included three dollar linked alternatives. The TV23 (April 28) and T2V3 (July 31) are reopened, which in the secondary market are yielding devaluation plus 5.3% and 4.1%, respectively.
Besides, it offers a new sovereign title redeemable in three installments as of April 28, 2023 that can only be tendered by importers registered with the AFIP and Customs. “Clearly, this is the last-minute surprise and, probably arose from some negotiation with the sector”, affirmed PPI.
Sources from the import sector consulted by Ámbito indicated that this type of operation is aimed at large companies that have financial departments that can deal with this type of operation. you think of firms that would have to “hold” pesos until the moment the government allows them access to dollars To import. The structure of the bond is amortizable in three payments suggests this. In financial terms, market sources commented, there is no other type of bond available with these characteristics, while it would be showing a good interest rate.
Source: Ambito
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