Economía celebrated the result and assured that there will be an “interest savings of $555,000 million or 0.1% of GDP.” Without puts, the private sector only entered 17.5% of its holdings.
Through a mega debt swap in pesos, the Government managed to kick start for the coming years expirations of debt for $42.6 billion that fell this year, within the framework of a strategy aimed at containing the financial deficit and adding some beans towards the objective of lifting the exchange rate.
The Ministry of Finance announced that the operation reached a 77% acceptance on the total of the titles that expired in 2024 and in this way they were cleared more than $42 billion. Although, as anticipated Ambit, the bulk of the participation came from the public sector which had in its possession nearly two-thirds of the securities in question.
The private sector contributed approximately 17.5% of its holdingswhile the public sector did it almost entirely, they assured from the Treasury Palace.
The wallet that drives Luis Caputo He highlighted that, with this result, the average life of the maturity profile was stretched from 0.46 years to 3 years. Those who entered the exchange will receive a basket of inflation-adjustable bonds (CER) with zero coupons for 2025, 2026, 2027 and 2028.
The Government also highlighted that The annual financial burden was reduced, which implied “an interest saving of $555 billion, or 0.1% of GDP.” This is consistent with the strategy of decompressing part of the treasury’s needs in view of the objective of zero financial deficit, which will be faced with the limits of the blender and the drop in collection.
One of the keys to the moderate private participation was that, as this medium advanced, The Central Bank decided not to offer puts for the bonuses to be delivered in this conversion. These are liquidity insurance or repurchase options that the monetary authority had been granting to banks to encourage the disarmament of repos and the migration of their holdings to public Treasury securities. The officials’ argument was that the exchange was mainly designed for public organizations (such as the FGS of Anses, the BCRA and Banco Nación) to enter, even though it was open to all holders.
In the market they consider that, in part, the participation of the banks (not entirely significant) could have been motivated by the reduction of the monetary policy rate to 80% annual nominal which Centra announced on Monday night and launched this Tuesday.
However, the majority of City analysts considered that the result achieved by Finance It was positive, although expected given the high proportion of titles that were in the hands of the state organizations themselves.
Source: Ambito
