Between the two calls in January and the first in February, the Ministry of Finance managed to accumulate net financing of $326,282 million, that will serve as a base to face the next commitments, especially from April, when the maturities double.
“It should be noted that the amount offered doubled the maturities that had to be faced,” said the Palacio de Hacienda in a statement.
In this tender, the menu of instruments offered consisted of four titles. A LELITE maturing on February 28, 2023 was issued exclusively for Mutual Investment Funds, which paid an annual nominal interest of 69%.
It was also reopened a discount bill (S31Y3) maturing on May 31, which paid a nominal rate of 87.21%, and an adjustable bill for CER (X16J3) maturing on June 16, 2023 with interest of 5.24% above inflation. These instruments are part of the Market Makers Program and, therefore, this Thursday they will be able to add some extra funds in the second round of the bidding.
Also, reopened a bond in pesos at the BADLAR rate (TB27P)maturing on November 23, 2027, which yielded 48.97% interest.
The Ministry of Economy received 1,565 offers, which represented a total nominal value offered of $636,834 million, of which $362,459 million were awarded, equivalent to a cash value of $401,680 million.
Of the total financing obtained, 53% consisted of instruments indexed by CER, 38% for fixed rate instruments, and the remaining 9% for variable rate instruments. Likewise, 91% corresponded to instruments maturing in 2023 while the remaining 9% are due in 2027.
On the one hand, the government appealed to the banks, by offering an adjustable Badlar rate bond to November 2027, which is used to include reserve requirements savings accounts, current accounts and time deposits, and for this reason they are in good demand.
On the other hand, almost half of the placement was made through inflation-adjusted bonds, something that Economy was trying to avoid. In 2021 and 2022, CER bonds were star titles in high demand by common funds. The problem they generate is that by increasing their participation in the global stock of debt, they cannot be liquefied by inflation.
Somehow, the markets hoped that the government could overcome the obstacle without major problems despite the warnings of economists from Juntos por el Cambio that leave the door open to a reprofiling of maturities in 2024.
This Thursday the second round will take place for entities of the Market Makers group and the next placement will take place on February 24.
Source: Ambito
