It was the first call in April, which occurred in a context of high exchange rate and political instability as a consequence of rumors of changes in the cabinet, the lower liquidation of dollars within the framework of the Export Increase Program and the rise in the inflation rate last month to 7.7%.
In this first call, only 17% of the total April maturities, which amount to $1.1 trillion, had to be renewed.
At the Palacio de Hacienda they highlighted that “with 1,792 offers, Economy obtained an extra net financing of almost $40,000 million in the first tender in April, which implies a refinancing rate of 120%.” Official data indicates that 96% of it was provided by the private sector. Thus, the roll over of this sector was 123% while that of public agencies was 105%”.
They also stressed that it is “The third tender with the highest number of offers so far this yearawarding a total of $227,132 million”.
By your side, The Secretary of Finance, Eduardo Setti, indicated through social networks that “of the total cash value awarded, 85% corresponded to the private sector while the remaining 15%, to the public sector.”
In this opportunity Instruments were offered for a total of $408,105 million face value, of which $213,639 million were awardedwhich represent cash of $227,132 million. Of the total financing, 72% was made up of instruments indexed by CER, 16% at a fixed rate, and the remaining 12%, for instruments adjusted to the official exchange rate.
Salvador Vitelli, economist at Romano Group, highlighted that “CER-adjustable bonds captured more than 70%, leaving behind what is linked dollar and the discount letter to July” that was offered in the call. The economist said that “before the market demanded a fixed rate and now with the logic that concerns requests more coverage against inflation ”.
stock exchange society Portfolio Personal Inversiones (PPI), while highlighting that “the July LECER (X18L3) captured 58.2% of what was raised in the tender, while the September one (X18S3) contributed 12.2%” and stated that “the only instrument that expired post-elections (TV24) only represented 5.4% of what was captured”.
In the market they are observing what happened with the discount bill (LEDE) that matures in July, since it came out with an effective annual rate of 132.6%, which is much lower than in the secondary markets. This instrument can give a guideline of what The Central Bank will decide at its next board meeting on the reference rate. Compared to the last tender rose 760 basis points.
PPI highlighted, for its part, that “Regarding the CER, the Treasury should have been generous with the real rates it offered in the two letters adjustable by CER and in BONCER: 3.25%, 4.55% and 3.55%, respectively for the X18L3, X18S3 and T2X3”.
Source: Ambito
