For the second call of the month the Palacio de Hacienda reduced the menu of instruments to four titles compared to the seven that it had presented in the first of the so-called. It will also be bounded only to fixed-rate bills (Ledes) that are part of the Market Makers program and there will be a bonus for importers only. There are no exclusive proposals for Common Investment Funds (FCI), such as the Lelites, nor titles indexed to inflation.
With a focus on banks and other institutional investors, it is put on the table a Discount Bill (Lede) as of April 28 for $40,000 million at nominal values (S28A3), a Lede as of May 31 (S31Y3) for $20,000 million, and a Lede as of June 30 (S30J3) for $10,000 million. That is to say that with them he will go out looking for $70,000 million, an amount that is also expandable.
In the first call, the Government had to accept effective rate levels of 113% per year. Discount bills appear to offer better yields than inflation-adjusted bills (CER), as long as the CPI does not exceed 6% per month, some analysts suggest. On the other hand, the letter linked to the dollar, as of April 28, was also very well accepted in the previous call, but this time it is not part of the menu.
In principle, with the placement made last week Economy managed to get investors to lend him $86,124 million more than what he needed to meet maturities.
To this must be added that it closed December with a net financing of another $700,000 million, funds that serve both to address the primary fiscal deficit for the month and to respond to the market in the event that it decides not to renew its confidence.
That is why, now the investors expect the Palacio de Hacienda to try to expand the collection of pesos. In addition, it would be about decompressing the demand for financial dollars, which worries Sergio Massa’s team, who last week pAsada came out to announce a surprise repurchase of dollar bonds with foreign jurisdiction.
GMA Capital states in its weekly report that “in the last auction of titles in pesos, the Treasury validated an increase in the interest rate of the LEDs, the instrument that aroused the greatest appetite in the auction.”
“To obtain extra financing for $64,000 million, the letter to April cut with a TEA of 111.3% and that of May 112.7%, rates that implied increases of 120 and 257 basic points respectively”, indicated the consultant.
The private report states that “this recalibration of the environment of rates or rewards for the peso seeks not only to ensure net financing but also to decompress exchange rate pressure.”
Source: Ambito
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