“It is useless to sell bonds held by the state or to stop inflation nor to avoid the depreciation of the peso that continues its technical path towards 521 and 557 against the USD”, wrote Maslatón after the end of the meeting that took place in the Treasury Palace between 9.15 and 10.20 this Wednesday.
In this framework, through his official Twitter account, he also described how he thinks it should be done: “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, ever, because it’s impossible.”
What are the measures about?
The tender is about National Treasury bills and bonds with maturities in April, June, July and September 2023and and February and April 2024which will be discount-adjusted, dual or dollar-pegged.
The instruments that may be subscribed by the Mutual funds are the discounted Treasury liquidity bills as of April 2023.
In the case of being framed in the Market Makers program, Treasury bills will be offered in pesos with maturities in June, July and September of this year and will adjust by discount or by CER (adjusted for inflation). It is about the reopening of the S30J3 and the X18S3as well as the opening of the new X18L3 and S31L3 instruments.
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
