The meeting began at 9:15 a.m. at the Palacio de Hacienda and ended after 10:20 a.m.. For the economic team participated Sergio Massa, Gabriel Rubinstein (Secretary of Economic Policy), Leo Madcur (head of advisors of the economic portfolio), Eduardo Setti (Secretary of Finance) and Marco Lavagna (director of INDEC), and for the Central Bank the president Miguel Pesceyour general manager Augustine Torcassi and the second vice president Lisandro Cleri.
Who was at the working breakfast?
by the banks were Jorge Brito (Macro Bank), Alejandro Butti (Santander), daniel garcia (Treasurer of Santander), Paul Leon (Financial Manager of Banco Galicia), Charles Heller (Credicoop), carmen morillo (CFO of BBVA), Hector Wiersma (Finance Manager of Banco La Rioja) and Marcelo Becerra (President of Banco La Rioja).
Representatives of financial entities and institutions also participated, such as Ernest Allaria (president of BYMA), adelmo gabbi (President of the Buenos Aires Stock Exchange), Robert Olson (president MAE), Juan Politi (Vice President Allaria Ledesma), Julio Merlini (CEO of Balanz), Miguel Canale (PPI Director), Valentin Galardi (President of the Argentine Chamber of Funds), Francisco Gismondi (ADEBA General Manager), Claudio Cesario (ABA President), Sebastian Negri (president of the CNV), Alejandro Massa (AVIRA Executive Director), Paula Maretto (ADIRA Investment Manager), Eduardo Felizzia (President of ADEAA)
Likewise, they were added to the meeting javier timerman (partner of Adcap Financial Group), Mirta Guida (National Insurance Superintendent), Ana Duranona (General Coordination Manager of the SSN), Paula Mareto and Tomás Godino (director of the MAE).
The meeting took place within the framework of the tender that the ministry commanded by Sergio Massa will carry out during the day, and after the measures to contain the gap between the official dollar and the financial ones were known, which will seek that public organizations must part with their dollar bonds.
What did they say at the end of the meeting?
At the end of the working breakfast, Adelmo Gabbi said that “it will be positive” and assured that with the new measures “There will be more supply than demand.” For his part, Juan Politi, from Allaria, maintained that “the objective is to stabilize the financial situation” and also considered this step “positive”.
The president of the Buenos Aires stock market also clarified that “the Minister was very clear in explaining that the operation will not be in a single day, but progressivelysomething that should reassure the markets”, for which he estimated that “although at first the market would have to tend downward, it will calm down in the next few days”.
“Today we begin to give depth to the local law dollar bond market”wrote rubinstein through a tweet and explained what the measures are about: “the State, without using BCRA reserves, will continue rescuing and delisting global bondsreducing external debt”. He also clarified what the objective is: “In a sustained manner, the State will gain capacity to act in the financial dollar markets”.
Regarding the measures, the financial analyst Christian Buteler opined on social media that “the exchange forces the public sector to sell its bonars in dollars and get pesos”.
For his part, javier timerman I affirm that “You cannot analyze a measure in the middle of a withering crack. You cannot debate without Chicanas in a divided country and where everything revolves around the desire that the adversary always do badly. I am not a politician nor do I want to be. The country is bankrupt. Let’s look for solutions”.
“It is useless to sell bonds held by the state or to stop inflation or to avoid the depreciation of the peso”said the market analyst Carlos Maslaton. And he added that “the monetary policy in force since 2014 is not useful either. Let them float, redeem the Leliqs, do not repress prices because it is worse. They come running from behind and they won’t catch up with her, never, because it’s impossible“.
What are the measures about?
The tender is for National Treasury bills and bonds maturing in April, June, July and September 2023, and February and April 2024, which will be discount-adjusted, dual or tied to the dollar.
The instruments which may be subscribed by Mutual funds are the discounted Treasury liquidity bills as of April 2023.
In the case of being part of the Market Makers program, Treasury bills will be offered in pesos with maturities in June, July and September of this year and will be adjusted by discount or by CER (adjusted for inflation). It is about the reopening of the S30J3 and X18S3, as well as the opening of the new instruments X18L3 and S31L3.
For those who are not part of the Market Makers program, National Bonds will be offered in dual currency maturing in February 2024 (TDF24) and another 0.40% dollar-adjusted Bond maturing in April 2024.
The bidding for LELITES expiring on April 21, 2023 it will be for $953.00 for each VNO $1,000 with a single sheet. The offers that are presented must indicate the amount of VNO in Pesos, which may be subscribed only by Mutual Investment Funds registered with the National Securities Commission, having to process their interest through their Depository Companies and offers by their own portfolio or by third parties of Depository Companies or human or legal persons other than Funds will not be allowed. Investment Commons.
Lelites are non-transferable and non-negotiable. On the day of the liquidation, the Depository Companies may instruct the BCRA CRYL to make a single transfer to Caja de Valores SA so that the instruments are deposited in the principal accounts of the Mutual Investment Funds that participated in the operation.
The bidding of instruments for the Market Makers program and for those outside the program It will be made by indicating a price and will not have a maximum or minimum price. For the presentation of offers of these instruments, there will be a competitive tranche and a non-competitive one.
Source: Ambito
