During April the Treasury financing reached a total of $5,732,924 million pesoswhat represents 175% above the maturities of the periodThe Ministry of Economy reported this Thursday.
The allocation was made through Lecap letters, Boncer bonds and Linked dollars, all tied to inflation.
The award was made in the following titles:
– Lecap (fixed rate) November 24 (S29N4) – 4.4%TEM, $1,121,471 million.
– Lecap (fixed rate) March 25 (S31M5) – 4.10%TEM, $611,614 million.
– Boncer (adjustment by CER) March 26 (TZXM6) – CER-2.95% (TNA), $607,583 million.
– Linked Dollar (exchange rate adjustment) June 25 (TZV25) – devaluation -1.02% (TNA), $393,081 million.
According to Economía, placement rates continue to validate a scenario of disinflation and lower market rates.
The placement of the Lecap in March 2025 implies a rate drop of 641 basis points (in TNA rate) compared to the previous Lecap tender in February 25.
The inverted slope of the Lecaps rate curve validates the scenario of disinflation and lower rates, said the Treasury, which also indicated that the market “validates the scenario of real appreciation of the exchange rate and, consequently, the DLK bond was issued at a devaluation rate higher than that of the CER bond.
Source: Ambito
