The economic team has six debt tenders in pesos ahead before December 10, in which you will have to get at least $3.6 trillion to cover maturities that remain within the period of the current administration. It is a number that should not present problems for the Ministry of Finance, that it has already overcome the most important challenge that represented rescheduling most of the maturities that operated before the PASO, for 2024 and 2025.
Starting from the fact that the Government already managed to obtain, through a surprise call on September 1, funding for $464,000 million, then it has commitments this month for $835,000. The next 14 will be about $660,000 and the 28, another $175,000 million.
Subsequently, in October, according to data from the Congressional Budget Office, it will have to refinance $1.72 trillion and in November, $1.34 trillion. In December, the bidding calls are for Wednesday the 20th and Tuesday the 26th, that is, about 10 days after the next administration is installed in case there is a change of political sign. In the last month of the year the commitments are low, barely $195,000 million.
In addition to the funds necessary to pay the obligations with the market, the Palacio de Hacienda will need to add net financing to cover the fiscal deficit, for which it will also be necessary to take into account if it refrains from using the assistance of the Central Bank.
Between January and August 2023, the Treasury borrowed $1.568 trillion as advances and has already repaid $500,000 million. On the other hand, it received profits from the BCRA for $400,000 million. The Government would have taken advantage of the excess pesos that it obtained in the last calls to return part of the assistance it received from the entity chaired by Miguel Pesce. It is not to be ruled out that he continues with this line of action.
As far as he could find out Ambit, in the Ministry of Finance they already glimpse the last stretch of the year without changes in relation to the usual methodology of calls for debt in pesos. No new exchange operations are planned in the market.
Nor will there be any more Global bond repurchase operations. This year, in the first four-month period, $1,116 million was obtained at nominal value, for which the Government would have paid some $587 million, according to market estimates. The repurchases of globals had been announced in January for an amount of $1,000 million at market values, but the total was not covered.
An announcement that the bond exchange operation was not carried out this year, at least in those that corresponded to the ANSES Sustainability Guarantee Fund, for which the Treasury was going to deliver dual bonds in 2023. Such news aroused strong controversy and even a request to the UBA for a report on the quality of the operation and if it affected the funds of retirees. In the first quarter of this year, the FGS had $8.6 trillion in public securities. The operation that had been announced was the direct delivery to the Treasury of Global bonds, and the sale in the market of bonds in dollars of Argentine legislation (Bonares).