Issued an inflation-adjusted bond to be delivered for an effective market value of $761 billion. In the second round of the last call in September he added another $20,000 million and thus obtained a total of $304,000 million net.
The Government formally launched the debt exchange for the different agencies of the State itself that have bonds and Treasury bills in pesos that mature in the remainder of the year. The Ministry of Economy will receive the financial instruments at market value, as confirmed by sources from the Treasury Palace, and will deliver BONCER26. You will receive letters due until November (X18O3, S31O3, D31O3 and X23N3) and will replace them with the TX26.
In the resolution that was published in the Official Gazette It is mentioned that a nominal $170,000 million will be issued, which at market value is equivalent to about $761,000 million. In other words, that figure would be the one that would mark 100% acceptance. As this is a voluntary operation, no public agency will be obliged to hand over its holdings.
This also indicates that not everything that appears in intra-state debt is automatically renewable. In fact, in the normal tenders carried out by the Ministry of Finance twice a month, 100% renewal on the part of the organizations is not always recorded.
The exchange figure, in short, is a little higher than that announced by Secretary Eduardo Setti, according to private estimates. With this, the Treasury Palace seeks to organize the maturities that remain until December 31, trying to move them to 2025 and 2026. The novelty that marks the annex of the operation, which indicates the procedure for the exchange, is that the invitations had already been sent last Tuesday, September 26 and that the operation will close this Friday. On Wednesday the 27th, the participating entities already confirmed to Finance whether they participated or not and that same day they indicated the options they chose. It was the same day that the operation was reported to the media.
Second round
On the other hand, the Treasury Palace closed the September debt bidding process, adding another $20,547 million in the second round, exclusively for entities that are part of the Market Makers group.
That means that in the call they gathered $304,323 million, which indicated a roll over rate of 221.5% in this round. In turn, in the month the net obtained totals $1.2 billion, which marks a rate of 231%.
It should be remembered that in September a call was made out of schedule on the first day. Portfolio Personal Inversiones (PPI) points out that “the Treasury had to offer higher yields than the secondary ones to attract demand in a context where private investors seek to avoid sovereign risk at all costs.” Thus, in the first call, a Lecer was issued in January that the market paid +0 inflation and the Government paid CER +3.79% annual nominal rate for the same instrument.
Source: Ambito
