He Ministry of Economy and Finance (MEF) launched the reopening of the Series 7 Treasury Note in Pension Units (UP), with a demand of almost double and an award slightly lower than the amount offered.
In this way, the instrument once again captured part of the avidity of the investors, although, despite the levels of inflation, The success was less than that of the launch of NTS 7, which was bid for twice what was offered.
Specifically, the MEF It launched 1,200 million UP (about 49.9 million dollars) on the market, with a demand of 2,235 million UP (about 93.3 million dollars) and awarded 1,135 million UP (about 47.2 million dollars).
The securities remained yielding 1.53%, with a cut-off price of 98.78. The integration date will be this Wednesday the 24th, while the maturity is 4.8 years, December 21, 2029.
The expectation about titles in UP
Within the framework of the financing strategy of the Debt Management Unit of the MEF, a good performance is expected this year from the titles in UP, which were already successful in 2023 and could be consolidated with a CPI which has been within the target range for 10 months, which conspires against investments in Indexed Units (UI), tied to the evolution of the inflation.
In contrast, the real wages accumulate an improvement process that could boost the Pension Units, something that was seen both last year and in the first quarter of this 2024.
There will be more tenders this week
In the calendar established by the Central Bank of Uruguay (BCU), it was reported that this Wednesday the 24th at 2:00 p.m., the bidding for a title in pesos for 3.3 billion pesos (almost 86.14 million dollars) with a 98 day period, and an expiration date of July 31 of the current year. Within the total, some 660 million pesos (17.23 million dollars) will be non-competitive placements, the integration date will be that same day.
Meanwhile, on Friday the 26th, Also at 2:00 p.m., the last title in pesos of the week will be auctioned, for others 3.3 billion pesos (almost 86.14 million dollars) with a term of 189 days, and an expiration date of November 1 of the current year. Of the total, 660 million pesos (almost 17.23 million dollars) will be non-competitive placements. The integration date of the title will be the same day.
Source: Ambito
