Within the framework of a challenging financial markethe Ministry of Economy, commanded by Luis Caputo, The process for renew maturities August for some $ 23 billion, When presenting the bond menu that will integrate the first call of the month, with commitments for almost $ 15 billion.
On this occasion, the Finance Secretariat decided to set a maximum amount for subscriptions less than a month. Of a total of $ 15 billion to place, you will seek that you do not exceed 50% within the short deadlines. The rest will have to go between October and February.
In this way, the Treasury detailed the instruments it will offer in the tender for this Wednesday, August 13:
DOLLAR LINKED
To February 15 (TZVD5)
Bonce
As of October 31 (Tzxo5)
Tamar
- To November 10 (M10N5)
- To January 16 (M16E5)
- To February 13 (M13F5)
In this way, Caputo will seek to refinance The expiration of LECAP S15G5, to be paid on August 18 for the holiday next Friday.
In the offered menu, they are observed Several changes if the last tender is taken into account. For example, the government Nor offers lecaps that expire on August 29, nor boncaps, on October 17, but add Lecap to November 10.
“They were supposed to offer expiration titles within 3 months. Add S10N5 On the other hand – shorter LECAPS S12S5Y S30S5 will have ars 3 and 4 billion emission limits, ” They pointed out from the market.
The call includes again Bonds tied to the dollar, but this time, as of February 15, 2026. In the previous call, with shorter deadlines, there was no interest, but now future dollar contributions mark for February of the year prices above the band of the band. If there is expectation of exchange regime change, the government would try to capture that demand.
“In the curve of Bonce, change the tzxo6 bonus to tzxo5, lowering duration significantlyalthough I doubt they validate their real rate greater than 20%. They will offer more duration only in fixed rate with LECAPS S16E6 (new) and Boncap T13F6 “, They detailed in the City.
Source: Ambito
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