The Palacio de Hacienda specified that the Market Makers entered a total of 21 offers in the second round, awarding a total of $18,036 million at nominal value, which is equivalent to an effective amount awarded of $17,504 million.
Within the framework of the adjustments made to the program, this Thursday an extra 16.5% was awarded of the instruments awarded in the bidding of the previous day, considering the eligible instruments in the second round, which were one BONCER as of August 13, two LECERs as of September 18 and October 18, and one LELINK as of October 2023.
“In this way, a net financing of $930,569 million was reached so far this yearwhich implies a roll over of 127%,” said the Palacio de Hacienda.
On this occasion, a new modality was launched for what is known as Market Makers. This is a group made up of Allaria Ledesma, BBVA, Galicia, Banco Nación, Banco Provincia de Buenos Aires, Bancor, El Hipotecario, Santander and HSBC. Of these, Nación, HSBC and Provincia, which lead the ranking of operations, are now considered Leading Market Makers.
Until now, Finance had been making available to this group of entities, bonds for the equivalent of an additional 20% of what was awarded in the first open round. As in some of the last tenders the demand far exceeded that ceiling, the office in charge of Eduardo Setti changed the rules. Expanded the awardable amount for market makers to 30%, but they are placed in two parallel rounds. One for the leaders and the other for the rest. In this case, the Ministry of Economy did not provide details on whether the additional 16% was awarded proportionally between the two rounds or if, for example, 15% was placed in one and 1% in the other.
The current formation of the Market Makers Group will be in force for two months. The performance of the entities will be measured by a polynomial formula. In that sense, there are four aspiring entities to enter the select group. They are the Balanz stock exchange, BNP Paribás, the JP Morgan Argentine branch and TPCG Valores. After the period, it will be seen if any or all of these entities enter, if any of the ones that are falling into the rank of applicants and if the composition of the leaders is reviewed.
In this way, up to now the Treasury it obtained fresh funds for just over $180,000 million so far in May, in a context where the BCRA has already issued $440,000 million in temporary advances. The stock company Portfolio Personal Inversiones (PPI) assured in a comment that the government has already been requesting $540,000 million from the Central Bank since April 21. “We do not rule out a new transitory advance in the coming days. In other words, we consider that the effects of the drought on collection are already being perceived and, given the lack of adjustment, it is likely that the fiscal result will be quite weak”, says the Alyc.
Source: Ambito
