The Finance Secretary, Eduardo Setti, will define this Monday the details of the next debt swap in pesos with which the economic team tries to order the maturity curve in local currency. Last week the official held meetings with representatives of banks and mutual funds, from whom he received proposals on the operation.
As indicated sources from the Palacio de Hacienda to Ámbito, Setti’s idea is in principle to exchange June maturities (a reopening because that month it had already entered the exchange of last March), July and August. Between those three months there are maturities for about $7 billion.
Instead, hethe proposal of the banks and the FCI is to also include September, with which the mass of maturities to be rearranged would go to $10 trillion. The key point of the exchange is Julymonth in which $4.3 billion expirealthough most of them are in the hands of agencies of the State itself.
It is estimated that, Strictly speaking, the objective of the Palacio de Hacienda would be to roll something over $1.5 trillion What are the expiration dates? private sector that occur in those months. The rest is intrastate debt that is automatically refinanced.
Setti have to speed up the operation for this week, because the first tender of the month is already on June 14 and he wants to reach that instance with the exchange already made.
Last week Setti told Radio 10: “We are going through the most difficult months that the Ministry of Finance has as a challenge. We would have one more month left with a heavy load from the private sector and from now on they are public sector maturities. The expectation of not being able to renew maturities or that the exchanges will not be successful is alleviated”.
“Leaving the curve in order is important,” said the official who stated that “it is important to have predictability and have the instrument to be able to finance through the local market.”
From the side of the banks, it transpired that they asked the official that the bonds that expire in these months be exchanged for duals. “The Government does not plan to increase the offer with new dual vehicles but it does maintain those that are already in that condition. The banks went with that request and Economy guaranteed them that there will be duals,” they said from an FCI.
Regarding the rate, from the market they maintain that it has to be similar to the dual 24 but that “There should be some prize on what the secondary market is today.”
They warn that the Economy “He’s going to do better than in the second swap (in March it reached 64% acceptance) because there is a large public, that is, many bonds held by the State itself at these maturities and, furthermore, because a few weeks ago a genuine 2024 lawsuit began. In the other exchanges, the risk of reprofiling was a little more current now and not so much. That is a favorable aspect for the Government.”
According to market data, maturities would add up to $10 trillion, of which $1.1 trillion are positioned in June; $4.2 billion in July; $2.2 trillion in August and $2.5 trillion pesos in September.
Source: Ambito
