The elimination of Fiscal Liquidity Letters (LEFIS) It caused an abrupt turn in the financial market: very short -term rates collapsed and millions of pesos were left without immediate placement. The first impact already feels on virtual wallets, where common investment funds offered by daily liquidity began to render less.
The Lefis were exclusive instruments for banks, issued by the Treasury, which absorbed daily weights at practically null risk. His departure from the system, since July 10, left a vacuum that was not compensated by other official tools. As a consequence, one -day bond rates – the main active of funds T+0 – fell from 20.6% to 12% annual nominal.
Virtual wallets closed Friday with rates of 30%
The immediate liquidity funds that use platforms such as Mercado Pago, Uualá, Prex or Personal Pay already accuse the impact. If the rates are stabilized below 21%, the performance they offer to their users will also fall, when they had been yielding between 26% and 27% per year.
Until Friday, July 11, some wallets still offered attractive rates: Cocos led with a 33.56%TNA, followed by Uualá (30%) and Orange X (27%), although with balance stops. Below were Pay personnel (25.50%), Prex (25.48%) and Mercado Pago (23.91%). But the trend is clear: the yields will lower if a tool that absorbs excess weights does not appear.
Investors put the focus on rates: is a new star in the market?
Faced with the new scenario, many small and medium investors begin to migrate to T+1 funds or short -term titles, such as LECAP or Boncap, which offer better returns although with less liquidity.
During the week, the LECAP rose up to 1.4% and the Boncap up to 1.3%, according to PPI data. These papers, which pay fixed rate, become more attractive to the funds that liquidate in the day.
There was also a slight rebound in the middle section bonds, such as the TZXD5, which offers an estimated real rate of 11.5%. For conservative profiles, this type of instrument begins to gain interest in a scenario of depressed nominal rates. According to GMA capital, in recent weeks investors turned to Duals that offer coverage against the increase in tamar.
“Although it pays a cost for coverage, projecting the yields of the Tamar component with the remote stages we observe that the consultants expect the dual to yield above the fixed rate curve at 2026. Thus, the dual of June 2026 would achieve a monthly performance between 2.7% and 3% if the most relieved scenarios of the REM materialized, against 2.5% of the BONCAP with the same expiration. Alyc in your latest report.
The abundance of pesos also ignites an alert signal on the exchange front. With less incentive to stay in instruments in pesos, the risk of a greater demand for dollars grows In a moment of strong demand.
According to analysts, investors will make a greater focus on real yields, at the same time that the Treasury is expected to achieve the best placement of Lecaps in the next tenders.
Source: Ambito
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