We explain what to take into account before investing in Lecaps: rate, inflation, risk and liquidity. What are the most attractive options and how to choose according to your financial objectives.
The Capitalization lyrics (LECAP) They gained prominence as an investment tool in pesos in the face of a context of rates on the rise and inflation control. Issued by the National Treasury, these letters offer monthly interests and the return of capital to the expiration, which makes them an attractive option for conservative profiles seeking performance without exposing themselves to exchange risk.
Choosing the right LECAP is not an automatic decision: it implies analyzing deadlines, interest rates, risk, liquidity and inflation expectations. In addition, they can be acquired both in the primary market – in Treasury tenders – and in the secondary market through bag agents or digital platforms.
How to choose the most convenient LECAP: fees, deadlines and recommendations
Key factors to decide what Lecap invest
- Investment period: Lecaps offer different expiration dates, ranging from a few months to more than a year. The greater the deadline, the greater the rate offered, although exposure to the risk of macroeconomic changes also increases. Therefore, it is important that the investor defines whether he seeks short -term profitability or if he can maintain his investment for a longer time.
- Interest rate: Lecaps provide a monthly rate that can be fixed or variable. Some are adjusted by CER (reference stabilization coefficient), which means that their performance accompanies the evolution of inflation. This feature is key when there are price auction expectations in the following months.
- Expected inflation: If it is estimated that inflation will remain high, it is convenient to consider adjustable instruments by CER or dual bonds, which offer coverage of both a price rise and in the face of movements in interest rates.
- Risk and liquidity: While LECAPS are considered low risk, they are not exempt from market oscillations. In addition, if the investor needs to leave before expiration, he must contemplate the possibility of selling in the secondary market, where the price can vary with respect to the technical value.
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Recommendations for each investor profile
Short -term investments: For those who prioritize liquidity and low risk, it is convenient to opt for Lecaps with nearby maturities. These alternatives allow the strategy to be rearranged if market conditions change.
Medium and long term: If the objective is to maintain the investment for more than six months, Lecaps adjusted by inflation or dual bonds can be evaluated. These instruments protect better from a possible inflationary acceleration.
Diversification: In any scenario, a key recommendation is to diversify. Combining Lecaps of different deadlines and characteristics – set and adjusted by CER -, the investor can reduce risks and improve the total performance of its portfolio.
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What to take into account before buying Lepas
LECAPS are consolidated as a valid tool to preserve value in pesos, especially in a context of inflationary moderation and positive real rates. However, like any investment, they require a careful evaluation of the investment horizon, risk tolerance and market conditions.
Having the advice of a financial professional can make a difference between effective investment and a precipitous decision. In addition, it is essential to monitor the portfolio’s performance and be willing to adjust the strategy if the economic scenario is modified.
Source: Ambito
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