The Central Bank cut a loophole that financial entities did until this Thursday with the placement of negotiable obligations abroad. As revealed by market sources He did it in the middle of a multi-million dollar issue of a large company and conditioned the final result of the operation.
Until now, Some institutions took advantage of the regulatory gap to acquire assets valued at the CCL without paying the differential with the MEP dollar. Starting with settlements after January 22, a 90-day parking will apply. They question the timing of the measure.
The trap is like a game of cat and mouse. As long as restrictions exist, the market will seek arbitrage and the regulator will try to correct them. That’s why The regulatory framework is complex, it generates opportunities and absurdities. This Thursday’s case was no exception.
Driven by the better prospects for Argentine companies, The amount of international primary issues has grown in recent months. Local entities played a key role in bringing volume to these tenders that are subscribed and paid in cash with settlement (CCL).
A market operator explained to Ámbito: “the banks offered the Alycs to participate with their MEP dollars, the former earned with the commission and the latter went from having MEP dollars to an instrument valued at the CCL.”. With this movement, the Alycs won the exchange, that is, the difference between the MEP and the CCL, which is between 1.5% and 2%.
On Thursday, January 16, the Central Bank established a 90-day parking, which makes the operation in question much less attractive. It did so through communication “A” 8178. Sources from the entity confirmed that the measure seeks to cut off arbitration and with the drain of currencies that, at least temporarily, leave the country. Back, the game of cat and mouse.
A giant in the energy sector hurt
A source with extensive experience in the financial sector was surprised by the timing of the resolution.. At that precise moment A giant in the energy sector was carrying out a placement in which it sought US$700 million. “Everything was set up and suddenly this regulation appeared, it discouraged all the Alycs and the orders of the local banks fell”a mesadinerista revealed to Ámbito.
The lower influx of local investors generated a domino effect with international funds. The company representatives who were in New York were also surprised by the regulatory change. Nobody expected a decision of these characteristics.
Instead of US$700 million, the company in question got US$400 million and instead of obtaining a rate of 7.25% as they had projected, they will have to pay a rate of 7.625%, explained an operator familiar with the process.
The timing of the measurement
Another point that caught attention was the timing of the measure. Communication “A” 8178 will apply to all primary subscriptions with settlement on or after 01/20/25. The placement of the oil giant was affected because its liquidation date is 01/22/2025.
In recent weeks, other large companies in the sector have also issued negotiable obligations.. With a difference: Since the settlements were in mid-December and early January, they did so without the ninety-day parking.
Source: Ambito
