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Monday, February 6, 2023

Economy managed to extend maturities in the first quarter by almost $3 trillion

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“A maximum participation of 60% was expected, since the maximum that could be ‘roloved’ was 70%. But more than 67% was exchanged ”, said Economy sources.

In the conversion operation, a total of 1,079 offers were received, representing a total of VNO 1.6 trillion.

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Economy highlighted the participation of several financial entities, among which Banco Santander and Banco Galicia led and, to a lesser extent, Nuevo Banco de Santa Fe, Banco San Juan and Banco Macro.

The next tender will take place next Wednesday, January 18, as previously reported in the preliminary schedule of tenders for the first half of 2023.


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In recent months, the Ministry of Finance has resorted to different bonds and bills with real positive rates and with different formats, from titles tied to the evolution of the exchange rate to indexed to inflation and others at a fixed rate.

In the second half of 2022, the portfolio had already used this resource twice. In the first instance, in August, it had an acceptance rate of 85%, while in November it was lower, at 60%.


The Treasury offered the following exchange options yesterday:

Conversion to the title eligible for a basket made up of 25% of the reopening of the letter ‘Ledes’ on April 28, 2023 (S28A3), 35% of the reopening ‘Ledes’ on May 31 (S31Y3) and a 40% of the new ‘Ledes’ as of June 30, 2023 (S30J3).

Conversion for a basket made up of 35% of the reopening of the ‘Dual’ bond to July 2023 (TDL23), 35% of the reopening of another ‘Dual’ to the coming September (TDS23) and 30% of the reopening from the ‘dual’ to February 2024 (TDF24).

Letters ‘Lecer’ as of June 2023 (Lecer X16J3), exclusive for the eligible titles ‘Lecer X20E3’ and ‘X17F3’, adjusted for inflation.

Yesterday’s swap was carried out in a context of marked concern about the debt in pesos. In this regard, a report by GMA Capital had highlighted that “the uncertainty about what may happen beyond the next term in terms of managing maturities in pesos makes it impossible for the Treasury to place titles outside of 2023, and this is reflected in the forward rates between 2023 and 2024 titles, which have exceeded 2 digits for more than 6 months”.

“This invisible wall means that the only way to stretch maturities is by piling them up in 2023,” emphasized the consultancy, which stated: “It is true that approximately 60% of the securities maturing in 2023 are in the hands of public entities, a fact that with customized swaps it could decompress the tension”, but “for the private sector, the concentration of maturities in the next year becomes a risk in itself”.

Source: Ambito

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