The Secretary of Finance, Pablo Quirno, This Tuesday will have the task of facing debt maturities in pesos for about $ 11 billion To close July, while intervening To normalize high interest rates which were left as a consequence of the elimination of Lefis as a monetary policy instrument.
Economy will seek to renew that debt through a bond menu. LECAPS AND BANCAPS: With expiration at August 15 (S15G5), August 29 (S29G5), September 12 (S12S5), September 30 (S30s5), October 17 (T17O5), and October 31 (S31O5). It will also offer Linked dollar lyrics and bonds Expiration on August 18 (D29G5) and September 30 (D30s5). And reopenings with maturities as of October 31 (D31O5) and December 15 (TZVD5). Finally, he will add Expiration bonce on October 30 (Tzxo6). The market projects that finance will offer lower performance (especially for short section bonds), which will renew below the set set.
Bid in a challenging context
The Stock Society Personal Investment Portfolio (PPI) He pointed out in his last daily report that “the tender will be carried out in a context challenging for the debt market in pesos. ”
“In the last two weeks, this segment was seen crossed by high volatility, product of the lower liquidity of the banking system After the disarmament of the Lefis, ”says PPI.
The report indicates that “as a reflection of this scenario, At the end of Friday the Lecaps curve operated with effective monthly rates of between 3% and 4.5% (For the shortest letter), after having reached peaks of up to 5.3% on Monday. ”
“For its part, the Boncaps closed the week with yields in the range of 3% to 3.3%. Meanwhile, the instruments Cer, who came to quote around +17% At the beginning of the week, they ended Friday with average yields of CER +14%, ”adds PPI.
The Alyc points out that “in this frame of leave and gradual normalization of rates that was seen during the last wheels of the week, it turned out surprising that on Friday the Central Bank has participated in the Repo wheel offering rates of the order of 38% of TNA, with the apparent objective of avoiding additional compression of rates towards the closure of the week. ”
“Unlike the previous episode where the intention was to clearly stabilize the exchange market, This time justification is less evident, since the yields still remain relatively high And the exchange rate showed some calm in recent days, ”explains the stock market society.
For those reasons, PPI considers that “The rollover could be less than 1x, since banks may not renew all of its maturities to liquidity needswhich would contribute to the process of standardization of rates ”.
The great challenge in maturity is for August, since there will be commitments above the $ 30 billion, part of which will be short -term maturities taken in July.
Source: Ambito
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