For officials who work in the Ministry of Finance together with Eduardo Setti, in the debt swap in pesos from last week, “all the private investors who had to enter the operation did so”which in his opinion is a “sign of confidence” of the market in the ability of the Government to handle the enormous mass of maturities generated during the current administration.
Now, taking advantage of this momentum, the Ministry of Economy will launch the first of the two calls for tender June to renew debt for approximately $1.1 trillion that remained for this month after the swap. This Wednesday it goes for at least $430,000 million and on the 28th they will go for the rest.
In Finance they recognize that there are private individuals who did not participate in the bond exchange, which is supposed to be the last of this government, but for them that is nothing new: they knew in advance that there are investors who were not going to be interested in financial instruments by 2024 and 2025 as the offer was put together. In addition, they knew that not all state agencies were going to exchange their holdings because they need to make cash.
Thus, the economists from the Palacio de Hacienda conclude that some consultants have overestimated the public participation in the swap while ignoring the fact that the Common Funds could not change their holdings that expire in the next three months for others that expire within a year. Hence, they consider that everything was a “success”.
In this context, the Palacio de Hacienda will continue this Wednesday with the usual calls for bids of every month. In this case, the menu does not bring news regarding the latest calls. It will make available to investors Lelites as of June 30 looking especially at the Mutual Investment Funds (FCI) that receive placements from short-term investors.
On the other hand, three Lecer are included (tied to inflation) that expire on September 18, October 18 and November 23, which will have a second round (on Thursday) that entities that are part of the Market Makers program will be able to access for up to 30% of the amount awarded in the first round. And looking at the medium term, a dollar-linked bond is offered on April 30, 2024 and a dual bond on August 30 of next year..
Except the Lelites, who leave with an Annual Effective Rate (TEA) of 142.3% annual, the rest of the titles will have prices to be determined in the bidding. Most of the maturities to be covered on this occasion correspond to a Lecer that concludes on June 16.
To all this, from the opposition it has been insisting in which the next government, in case it is from Together for Change, will not default despite complaints from economists working for the candidates.
The former president of the Central Bank, Guido Sandlerisconsidered that the next administration will have to “manage” the maturities that accumulated by 2024, estimated at $17 trillion.
“No government thinks of taking over and restructuring. Whoever it is that has to govern that emerges from the December elections, he is going to try to manage those debt maturities,” Sandleris said.
Source: Ambito
