Some analysts in the previous one estimated that the Ministry of Economy led by Luis Caputo, he was not going to be able to renew 100% of the debt that he won in the first call for August tender. And so it happened, the Government renewed 61%, but with rising rates, which arrived in the shortest part of 70% per year.
The strategy of trying to limit investors access to Two shorter Lecaps, which expire within a month, in order to force some decrease in the rate that did not occur. In fact, on the previous day there were no fallen returns in the secondary markets.
Pablo Quirno, the Secretary of Finance, announced: “The Ministry of Finance announces that in today’s tender awarded $ 9,147 billion having received offers for a total of $ 9,977 billion. This means a rollover on the maturities of the date of 61.07%. “
Tamar
- To November 10 (M10N5) $ 1,150 billion at +6.00% TNA
- To January 16 (M16E6) $ 0.861 billion at +7.50% TNA
- To February 13 (M13F6) –
Deserted
- Dollar Linked on December 14 and Bonce October 30 (Tzxo5)
From bridge They pointed out that “the result of the tender reflects the missing market liquidity. ”
“The rollover was low (61%), still accepting 91% of the postures at rates above the market. A little demand is surprising for the shortest species, which did not reach the maximum limit established by the tender, ”they said from Puente.
They stressed that “In contrast, the demand for somewhat longer species, both at a fixed rate and Tamar, was comparable to that of the short ones.”
“This It may be due to the brand new Liquidity window of the BCRA, which enables passes against bonds greater than 60 days of term There was no demand for bancer or dollar-linked, which suggests that investors preferred to locate rate at these high levels waiting for an eventual compression, ”they said.
Matias Waitzel, AT Investment Partner He considered: “In my opinion, the role level was clearly low and you have to see how the remaining flow of weights in the exchange rate and in the quajus rates impact tomorrow. Surely there is some exchange volatility but nothing that is to worry.”
Gabriel Caamaño, Outlier economist ironized about of the finance team: “To the first one that starts with an anker point, seriously speaking, corchazo on the forehead”expressed when referring to the measure to which the Government states that when there is a lower collection of funds from the State it is because there is more credit demand from the private sector.
“That said, a good part of what It was not renewed was because they did not offer it directlyfrom there it is inferred that at least an important part is due to changes in lace integration. Short rise rates, despite the maximum amounts or stops, “he said.
In dialogue with scope, Pablo Repetto, Head of Research of Aurum Securitiesexplained that the lazy roll level in the tender “It was the result I expected” and that responds to the need for the system of “Recover between five and six billion pesos that were in red, after the abrupt change in the lace regulations.” As detailed, that modification “arrived when the banks already had their liquidity for August, and left them with a very important level of illiquidity, which was reflected in the rise of rates of these days.”
Facing what is coming, the analyst anticipated that “It is likely that at the end of the month the rollover will exceed 100%, more for a matter of monetary programming than for greater confidence“However, he warned that” the antecedent of regulatory change leaves sequelae: the market fears is repeated and banks retain more liquidity as a precaution. “
No liquidity window
Federico Furiasedirector of the BCRA, who is mentioned as a possible candidate in the province of Buenos Aires, rejected that the entity has made available a “liquidity window” for banks.
“There is no liquidity window or anything that looks like that. This is an operation between the banks and the Central Bank, where The Central Bank gives the banks to the banks so that the banks that are in red product of the monetary squeery that became very strong and the rise of lace, put those weights as a zero rate fit in the Central Bank”He said.
Source: Ambito
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