This was reported this afternoon by the Treasury Palace. It was in the second debt tender in pesos of the month, with which the Treasury seeks to capture a good part of the banks’ pesos within the framework of the disarmament of the Leliq. More precisely, with this mechanism the Government aims to solve the problem of the Central Bank’s remunerated liabilities.
On this occasion, the Treasury Palace received 471 offers with a nominal value of $1.57 billion and of this he accepted $500,000 million in cash value.
Unlike other calls, the Treasury Palace reported the price of operation cut of $2,915.88 per $1,000 nominal, hours before starting the round. If it is taken into account that the interest rate that Boncer will pay is 4.25% plus the inflation that occurs in a year, with two semiannual payments, the resulting rate is negative at 21.72% annual. The data reveals that the inflation coverage is being paid dearly, which is already discounted in the purchase price.
“(Luis) Caputo continues to take pesos at a strongly negative rate in a context of accelerating inflation. The impeccable minister, unless inflation collapses starting next month or February at the latest,” said financial analyst Chrstian Buteler, who said that “this is unsustainable for the saver/investor”.
Romano Group economist Salvador Vitelli said, for his part, that the Government “raised $500,000 million by placing $171,000 million in nominal amounts.” “There is no tender in 2023 that has come out with such a negative rate for a Boncer. As if that were not enough, they rejected 89% of the offers,” he said.
While, Personal Investment Portfolio (PPI) stated that the maturities to be renewed on this occasion (they are paid on the first business day of January) “reached $109.2 billion, so they obtained a positive net result of approximately $390.8 billion.”
“The market once again reflected a great demand for the Boncer25 (T2X5). Today’s result reached the maximum price established, bidding at a rate of CER -21.7% (TNA). In addition, it had a proration factor of almost 11%, similar to that of the last tender (December 20),” he added.
The brokerage company pointed out that “as highlighted by the Ministry of Economy, only a maximum amount of $500,000 million was placed at a maximum price of $2,915.88 (each NPV $1,000), which It is equivalent to a TEA of CER -20.4% (same as Friday before the conditions). “Thus, the search for coverage to mitigate the effect of very negative real rates continues,” explains PPI.
Last week the Treasury Palace carried out the first debt tender of the Javier Milei government, in which he could place $2.9 billion. Of them, about $2 billion corresponded to Ledes, which paid an annual effective rate of 8.66%. With that money, the Treasury repurchased securities that the BCRA had in its portfolio.
During the day, in the secondary markets, CER bonds and the dollar linked they closed in down and They broke a bullish streak. Meanwhile, the dollar bonds they ended with most rises.
Source: Ambito
