The official exchange rate approached the ceiling of the exchange band last week, but the Linked dollar bonds, which offer coverage, do not receive demand in treasure tenders. Because?
The dollar reheated in recent weeks, Approaching the ceiling of the exchange band, while savers and investors sought coverage for the October elections. Nevertheless, Linked dollar bonds linked to the evolution of the official exchange rate fail to gain prominence and are overshadowed by the titles in fixed rate pesos.
Last July, the different dollars of the local market advanced strongly until they were positioned comfortably above $ 1,350 per unit. There were several reasons, but the desprolijo disarmament of the Lefis and the high retail demand were highlighted for approaching the legislative elections of October.
The dollar rises in nominal and real terms
“On the nominal plane, the official dollar gained some space between the exchange bands. In particular, on Monday it closed 6.8% below the ceiling of the exchange scheme, located at $ 1,453,” expanding the margin with respect to the 5.2% recorded last Thursday (minimal margin registered), they said from Personal Investment Portfolio (PPI)
For its part, PPI highlighted the improvement of the real exchange rate during the last wheels of July. “From the minimum reached last April 8, on the eve of the elimination of change controls for human people, the actual multilateral exchange rate (ITCRM) increased 25.1%, this being the byproduct of a rise in the bilateral real exchange rate against the US of 18.6%and against the rest of the commercial partners of 26.4%, which shows that the appreciation of these countries also He played in favor of competitiveness gain, ”he explained.
Dollar Blue Rasas Finance Vivo Inversiones
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Linked dollar bonds stagnate
Despite this situation, the demand for dollar Linked bonds that pays what the official exchange rate is raised is not extraordinary. In fact, in the last tender of the treasure, Nothing of capital was awarded to the dollar Linked from August, September and October and barely $ 53,000 million were placed for the title to December.
According to market specialists, the key is that There are alternatives in more profitable pesos.
“The opportunity to buy a long way to go long in a futures contract gives more yields in dollars than the dollar linked options that could grant the treasure. This is mainly due to the very low annual nominal rates of futures contracts compared to the fixed rate, which allows you to make a more attractive synthetic lyKed dollar,” he said Rocco AbalsamoFinancial Advisor in Cocos Gold.
According to the Executive, Future contracts have very low rates due to the proximity with the upper band of the exchange ceiling for each period. “The fact that these rates are located at the current levels implicitly, they tell you that the market, so far, believes in the band scheme, ”he said.
Source: Ambito
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