Through the Joint resolution between the Ministry of Finance and the Ministry of Financepublished on Monday, it was arranged to expand the issuance of three existing titles: the Lecap expiring on August 15, 2025the Lecap expiring on September 12, 2025 and the Expiration BCAP on October 17, 2025. Together, the basket to be delivered will not be able to overcome a Original nominal value (vno) of 28 billion pesos.
The exchange, structured in 33% proportions for each of the LECAPS and 34% for the Boncap, will be carried out taking the Technical value of the Lefi to July 14 and the market price Of the new instruments as of July 11, determined according to the prices reference on the screens of Argentine stock markets and markets (Byma) before 13:30.
As established in the standard, this operation It will not be reached by the provisions of article 65 of Law 24,156 of Financial Administrationlike other debt exchange operations between state agencies, a clause that in recent years has been used to facilitate this type of public intra-selector restructuring without the need for legislative authorization.
From the Ministry of Economy they pointed out that the initiative seeks to “optimize the administration of short -term public debt, contributing to a more orderly curve of maturities”, in a context where market financing continues to show signs of tension.
He exchange between the treasure and the BCRAIn addition, it is part of a broader strategy of the National Government to consolidate financial coordination between both agencies, without resorting to direct monetary issuance.
After the treasure stopped issuing fiscal liquidity letters (Lefi, S), which was the instrument that the Central Bank used to do monetary policy, to make monetary policy, A third of the immobilized money would have returned to the market, crushing interest rates.
This was stated by the Quantum consultant In your latest weekly report. “In this week and as established, the Lefis, a stock of $ 15.5 billion were eliminated. Approximately one third, $ 5.5 billion were replaced by Lecaps in the tender of this week, another third went to recomposition of the minimum cash of the banks, movement associated with compliance with the regulations and the punctual handling of treasury and The remaining third turned to the market, with an impact on the short -term interest rate “says the Quantum report.
From the consultant directed by the economist Daniel Marx It is pointed out that this Friday “The 3 -day hounding rate loudly at 16% annual nominal “.
“This change could have some Impact on inflation or devaluation expectations If the additional weight demand is not enough to contain the increase in the supply associated with the disarmament of the Lefis. In any case, the context is of loans and deposits in pesos that continue to expand, “warns the report.
Quantum states that “Since April 14, when this new monetary and exchange phase begins, the monetary base fell $ 1.27 billion In nominal terms. “
“That absorption occurred in the context of monetary base expansion due to the assistance that the BCRA gave to the treasure associated with the TRANSFER OF ACCOUNTING PROFITS OF THE BCRA OF 2024transfer for $ 11.97 billion that was made at the end of April, “adds the consultant.
In that sense, the report maintains that “Net assistance for $ 8.24 billion was counteracted with absorption through Lefis operations for $ 8.47 billion and the placement of Bopreal 4 and other movements for a total of $ 1.04 billion. “
This week in the first call for tender of the month the government achieved an important placement of titles that served to channel the disarmament of Lefi´s.
As officially reported by $ 2.9 billion maturities in pesos The government placed about $ 8.5 billion With a rollover d rate295%. Most of the money was headed for the Lecaps that have shorter deadlines.
Source: Ambito
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