The offering of linked dollar instruments is in line with the statements made by the Minister of Economy.
The Ministry of Economy announced a new tender for the placement of five instruments of the National Treasury in search of financing, with the novelty that, on this occasion, they are once again offering linked dollar bonds, since in the last calls they only offered instruments tied to inflation.
The offering of instruments dollar linked It is in line with the statements made by the Minister of Economy, Luis Caputowho recently assured that February inflation will be closer to 10% “than 20%“, which would confirm the path of deceleration of price dynamics and which makes CER instruments less attractive.
On the other hand, he pointed out that the crawling peg of the official exchange rate will not accelerate, which remains at 2% monthly after the December devaluation, and thus cleared up doubts about the need for a devaluation jump in the coming months. maybe, preparing the ground for this call for bidsbut it should be noted that the market still has doubts that it is not necessary to accelerate the devaluation of the peso or even a discrete change in the exchange rate.
Instruments to offer
1. National Treasury Bill in pesos Adjusted by CER at a discount with maturity May 20, 2024 (X20Y4 – reopening).
- Due date: May 20, 2024.
- Reopening price: to be determined in the tender.
- Maximum amount to place: up to the maximum amount authorized by current regulations.
2. National Treasury Bond in pesos zero coupon with adjustment by CER expiry June 30, 2025 (TZX25 – new)
- Due date: June 30, 2025
- Placement price: to be determined in the tender
- Maximum amount to place: up to the maximum amount authorized by current regulations
3. National Treasury Bond linked to the dollar US zero coupon due June 30, 2025 (TZV25 – new)
- Due date: June 30, 2025
- Placement price: to be determined in the tender
- Maximum amount to place: up to the maximum amount authorized by current regulations
4. National Treasury Bond in pesos zero coupon with adjustment by CER Maturity June 30, 2026 (TZX26 – reopening)
- Due date: June 30, 2026
- Reopening price: to be determined in the tender
- Maximum amount to place: up to the maximum amount authorized by current regulations
5. Zero Coupon US Dollar Linked National Treasury Bond Due June 30, 2026 (TZV26 – New)
- Due date: June 30, 2026
- Placement price: to be determined in the tender
- Maximum amount to place: up to the maximum amount authorized by current regulations
Other details of the tender
Date of receipt of offers: February 26, 2024
Minimum: VNO $ 3,000,001 for instruments in pesos, VNO USD 50,001 for instruments in dollars
Maximum: no limit
Source: Ambito
