At the end of June there are maturities for about $ 10 billion and the Finance team concentrates the bond supply for Wednesday’s tender in the titles that the market demands the most
The Ministry of Finance announced on Monday the Bond menu in pesos for the bidding debt next Wednesday 25, and surprised to omit the 2030 Bonte, the title that is subscribed in dollars, although in local currency.
The market expected a proposal for US $ 500 million to be added, which had been offered in the last two tenders, since as announced by the Treasury Palace The idea was to place about US $ 1,000 per month.
The Bonte 2030 debuted in the second May call on May with U $ 1 billion, and paid a 31% rate. In the first June call Other US $ 500 million were placed at 28%. For the market, they are high rates, since two weeks ago yields of 22% or 24% were expected.
Indeed, the Secretary Pablo Quirno decided to withdraw it this time to offer short and long -term titles of fixed fees capitalizable that, in the context In inflation loss, they have greater demand.
Nor did offers appear on this occasion tied to inflation or dual bonds. The finance team seems to concentrate The entire offer in the most demanded bonds for the market, Attentive to achieving the rollover of about $ 10 billion, according to private estimates.
What titles Luis Caputo will offer to the market:
- For the short term, capitalizable letters (LECAP) are offered as of July 31; August 29, September 30 and November 28.
- For the long term, Boncap is proposed as of January 30 and June 30, 2026, and for January 15, 2027.
In the first call of the month, They beat about $ 3.8 billion, but the government made a 168%rollover. With the surplus he replied bonds in dollars held by the Central Bank. The rates that were paid were between 30% to 35%.
Matías Waitzel, AT Investment partner, he pointed to Scope that “With the current fixed rate level, given the increases in the last wheels, there will be enough demand. With which, we believe that this rate of rate can be freezed that in real terms is quite high.”
Source: Ambito
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