He Ministry of Economy that commands Luis Caputo He announced this Friday the menu of bonds and letters that he will offer in the tender next Tuesday, with which he has to face maturities for a total of $ 11 billion.
The next call generated high expectation in the market due to the volatility caused by the government’s decision to give it end to fiscal liquidity letters (Lefis)without offering another monetary policy instrument that absorbs the surplus weights of banks.
According to the information of the Ministry of Finance, the Bond Menu of the next tender is made up of:
-Cleap and Boncap: With expiration at August 15 (S15G5), August 29 (S29G5), September 12 (S12S5), September 30 (S30s5), October 17 (T17O5), and October 31 (S31O5).
– Letters and Dollar Bonds Linked: Expiration on August 18 (D29G5) and September 30 (D30s5). Both are new instruments. And reopenings, with maturities as of October 31 (D31o5) and December 15 (TZVD5).
– Bonce: Expiration on October 30 (Tzxo6).
According to the consultant Labor, Capital & Grouth (LCG), “the rates in pesos backed at 30%levels, but still with high intradiary volatility and with incidence in bank rates, both passive and active (Advance rates went from 35% annually to more than 80% per year last Tuesday) “.
The consultant indicates that the context is “of extreme volatility in very short -term rates, With a central bank still selfless to maintain those rates in a more predictable range, with the tools it has available “
In addition, it ensures that “the recent regulatory changes of the BCRA do not virtually affect this uncertain situation and complex liquidity administration.”
Market analysts argue that Surely banks solve their liquidity problems more permanent (renewing less Lecaps), which could help continue to compress the rates.
As the treasure has $ 13 billion in the BCRA account, It could “roll” less debt and use those weights to consider it necessary.
Source: Ambito
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