Four days after the emergency tender of the Treasury, the bond jumped at 77% TNA and dragged up to the entire bond curve in pesos.
On the fourth day after the emergency tender of the Treasury that sought to absorb the weights that were available after the elimination of the Lefis, The hounding rate is triggered on Tuesday and, in this case, one day it reached 77% TNA. This situation generates a cimbronazo throughout the bond curve in pesos where rates also fly.
This process of strong expansion in yields had already been glimpsed on Monday. “The caution rate one day shot up to 45.6% TNA, while The yields of the sovereign curve in pesos were catapulted “, expressed from PPI.
Among the Shorter Lecapslike the S31L5 (expiration at the end of July), reached A 5.3% rateand the S15G5 (with expiration in mid -August) climbed to 3.9% Temwhile the rest of the Lecaps Longer they operated in the range of 3.2/3.8%.
“Among the most beaten instruments, the Boncap closed with Tems above 3%, reaching up to 3.4% in October and the bontams in 2.6/2.7%. Regarding the debt adjusted by CER, the bonds are already paid on average Cer +15% IRR, with an outstanding exception: the shortest bonce, the TZXO5 with expiration in October, which yields nothing less than closed. They added.
What are the reasons behind
The disarmament of positions in Lecaps and Lefiswent to very short -term instruments such as cion. In turn, higher lace (30%) for cion They subtract effective liquidity: Banks have to immobilize part of what they place.
What to do in this context
“The short -term bond rises strong, to these values they yield more than the shortest Lecaps (which we see more offered). MM funds usually have a hosition inside, but it is not 100% of the weighting. It may be interesting“They explained on this day from Guardian Capital.
News in development.-
Source: Ambito
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