With the end of the Lefis, the short -term rates fell strong and the daily bond collapsed, in line with the disarmament of $ 10,000 million in the hands of the banks.
On the first day in which the banks could no longer renew their position in Lefis, the rates of the instruments at a fixed short -term rate compressed and collapsed the caution rate one day. It should be noted that even the stock of these instruments that ceased to exist in the hands of the banks was around $ 10,000 million, so it was already anticipated that their disarmament was going to impact on downward rates. This Friday is evaluated how the dynamics could follow.
“Within that framework, the Lecaps They rose to 0.7% and their TEMs were between 2.2% and 2.4%, on Thursday. In turn, Boncaps advanced Up to 1%, with their themes compressing the range of 2.19%/2.55%. In parallel, The a day -to -day bond rate fell from 20.6% to 12% TNA, drilling even the minimum of the year (15% TNA at the end of May), “they reported today from PPI.
For these experts, the alarms focused on that “this could have a correlation on the dollarsince some positions placed in caution could stop finding attractive the new rate level. However, Yesterday the spot closed without great variations“
For PPIthe instrument universe in pesos is emerging to finish the week on positive terrain: Lecaps rise up to 1.4%, boncaps up to 1.3%, and more moderate bontams, up to 0.6%so far this week.
Juan Manuel Francochief economist SBS grouphe said about it: “As for the macro-financial, given the imminent extinction of the Lefis The market looks how far you can compress interest rates in more coasts, since a very low level could involve exchange pressureeven with the expected agricultural flows for the first weeks of July due to the difference between the DJVE and the liquidated in June. “
“We believe that the Government could take some measure so that this rate is not consolidated at these low levelsand that we have to wait to see how the official behavior in the secondary market of Lecaps is extinct Las Lefis. While a lower rate would help economic activity, we believe it would be prioritized to avoid nominal pressures, at least to the elections, so it would not be sought that the rate goes down as abruptly as it was seen this week, “he said.
News in development.-
Source: Ambito
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