As Scope was able to find out, Economy proposes a reopening for June maturities (month in which titles for close to $1.2 trillion expire), to which would be added the obligations corresponding to July and August. With this, the Ministry of Economy would finish overcoming the most complicated section of the “wall” of maturities that it had before the primary elections this year.
The great difficulty that the Palacio de Hacienda had to go through in the first section of 2023 is that most of the securities that matured and remain to mature in that period are still in the hands of private investors in a ratio of 80% to 20% of state agencies. In the second part of the year, the relationship is reversed.
A similar operation was carried out in March with good result. Although an adherence rate of 58% was achieved against the 60% to 65% expected by the market, the Finance team managed to delay commitments for $4.3 billion between April, May and June, against $7.6 trillion that matured in that period. He was even able to place a considerable part for 2024, breaking the three-month barrier.
Speaking to Radio 10, Setti said that the Finance team “is carrying out the plan that we committed to at the time with the inauguration of Minister Sergio Massa and the change in expectations that this generated.” “Every day we get closer to the weight curve being completely ordered with short, medium and long term maturities”, he added. Recalling the criticisms of economists from Juntos por el Cambio, who warned about the accumulation of maturities for the next government, Setti said that “the only way out is to extend maturities and leave order so that, If someone decides to reshape or default the curve, let it be due to a political decision and not a market decision”.
Second round
To all this, The Treasury obtained this Tuesday, in the second round corresponding to the last tender in May, an additional $26,000 million to what was placed in the operation of the previous day. Economy went to look for pesos on the market to refinance maturities for $447,000 million and obtained, between the two rounds, $321,914 million above that figure.
With the new configuration of the Market Makers program that debuted in May, in the month it obtained net financing of just over $500,000 million, which implies a rollover rate of 147%. In addition to this, by offering bonds with maturities of 2024 and 2025, it stretched the average maturity period to 8.5 months.
Starting this month, the second round for market makers allows access to 30% more, against 20% of the previous configuration. Now there are two rounds, in one with 15% only the three leading entities of the group can access, and in the other the rest.
In this case, Market Makers entered a total of 25 offersawarding a total of $10,073 million at face value, which is equivalent to an effective amount awarded of $26,071 million An additional 9% was awarded on the eligible instruments of the program. In this way, net financing of $1.3 trillion was reached so far this year, which implies a roll over of 132%.
Source: Ambito
