The Ministry of Economy achieved a new successful debt tender this Thursday despite the context of uncertainty generated by August inflation data. In the first of the calls of the month, it managed to raise $1.14 trillion, which marked a net financing of $450,000 million in relation to this week’s maturities.
“Almost all of the net financing corresponded to the private sector with a broad base of investors by sector,” highlighted the Ministry of Economy in a statement.
Due to the need to hedge against inflation and a potential new jump in the official dollar by the end of October, 56% of what was placed was through dual bonds and 41% through instruments that were adjusted by CER.
With the result to date, the Ministry of Economy has accumulated net financing of $3.9 billion this year, which represents a roll over rate of 149%. To achieve that result, the Treasury had to endorse a record rate of more than 173% annually.
In the Treasury Palace it is pointed out that the increase in the renewal rate is due to the better conditions for the placement of instruments that preserve capital both against the rise in the CPI and against a new run in the official dollar. Even so, it is also presumed that, through this increase in resources obtained in the local market, Economy will seek to finance the cost of recent announcements related to the increase in the Income Tax floor for salaries of $1.7 million and the refund of VAT for retirees and workers.
In this tender, a new LELITE was offered with maturity on September 29, 2023, exclusive for Common Investment Funds, and a letter adjusted by CER, the X18E4, with maturity on January 18, 2024, which is part of the Creators Program, was reopened. of Market. On the other hand, four CER-adjusted bonds were reopened: T6X4, T4X4, T5X4 and TG25, the latter nestable, maturing in May 2024, October 2024, December 2024 and August 2025, respectively. And two new bonds were opened: a dual one maturing on June 30, 2024 and one linked to the US dollar that expires on March 31, 2025.
In the market it is pointed out that operators are moderating expectations about a possible quick exit from the stocks. Reality indicates that it is most likely that the lifting of restrictions on the exchange market will be gradual in the next government, regardless of who wins, beyond campaign statements. That is why dual bonds represented more than half of the placement.
For his part, the economist Romano Group Salvador Vitelli highlighted the new interest rate increase that the government had to apply to obtain financing. He commented that with the result of the date the roll over amounted to 165% with a weighted average term of 9.4 months. “The LELITE rate was 173.7%, which constitutes another new maximum. So far this year, the Treasury has taken extra financing for $3.9 with a roll over of 150%,” said Vitelli.