ANDThe menu is made up of 8 vouchers. First, there is a Short Lelite, to July 31, whose offer is aimed at Common Investment Funds (FCI) that have a profile that focuses on maintaining liquidity.
Then one is offered new LEDE (S3103) that expires on October 31, a fixed-rate paper that has not been included in the usual tenders for more than three months. With it, Finance bets that there will be a sort of stabilization of inflation and even a drop in the following months As the latest INDEC data for June showed, it was 6% and see if it can capture some attention from investors.
On the other hand, two LECERs are offered (tied to inflation) to October 18 and November 23. These three letters can then be bought in the second round for up to 30% by the entities that make up the market makers program.
On the other hand, Finance puts on the table a bond linked to the official dollar as of April 30, 2024, two CER (inflation) adjustable bonds to July 26, 2024 and February 14, 2025, and a Bonte to August 23, 2025.
Thus, the Finance team will try to test the mood of the market. With a slight drop in inflation, different alternatives to the classic adjustment by CER are offered. Francisco Odone, investment manager of the fund manager MegaQm, stated in a talk with investors that Until now, the market had been incorporating inflation of 7% per month into prices until October. The CPI news for June could change an investment decision by some agent, and thus decompress part of the indexed debt.
On the other hand, since the window was closed until STEP, which was one of the time limits that investors had set, everything that remains ahead already enters the electoral period or after it. Portfolio managers are no longer just looking at quote screens, they are also keeping an eye on every election poll that comes out.
As they had pointed out sources from Finance to Ámbito, the roll over for July is expected to be somewhat below that of June, which reached 149%. Last month they managed to raise $575,000 million above maturities, but in July they consider that the situation will be “calmer.” An operator consulted pointed out that in this call the Government will be able to measure the state of demand for Treasury instruments, taking into account that the maturities are almost all in private hands.
The market will be cautious until after the election period. The premise is to take “cover” until the political scene clears up. After that, by the end of the month there will be another call for about $500,000 million, also in private hands.
Source: Ambito
