The Government will offer banks a bonus that adjusts for the interest rate paid by the fixed wholesale deadlines. The BCRA will force them to integrate lace.
He Next Monday when the markets open The strategists of the Banks They will have to go almost as forced to give the Ministry of Economy The funds that did not want to renew on Wednesday in the last call for formal tender where the “rollover” was 61%.
And is that in the Last tender on a total expiration of about $ 15 billion were renewed about $ 9.1 billion. That is, the ministry will try to absorb about $ 6 billion. From the Treasury palace confirmed to the scope, which will try to take all the funds that arise to the call and therefore no maximums were set as in the previous call.
It should be remembered that this Wednesday the market expected that there was not a level of 100%, the rollover, but 61% was low. In that call, it was tried to limit the amount of bonds less than a month, to urge the rate and on the other hand, stretch expiration deadlines with other options, including a Tamar that had good demand.
The operation will be settled next Monday because Friday 15 is a holiday. In the government they point out that the surplus weights of the tender “They will be absorbed immediately.”
“In this case, they will be absorbed mostly via the increase in paid lace with new public titles to be subscribed next Monday through a new tender of the Treasury,” The director of the Central Bank, Federico Furiase, anticipated through the social network X.
One of the Risks of the surplus of pesos is to go to the dollar, which would generate a new rise in the exchange rate. But what will happen is that Por a window will be giving bonds banks that they will have to deliver in another window of the Central Bank to fulfill money immobility regulations.
Pablo Quirno, the Secretary of Finance, reported that the Government will offer a letter Tamar on November 28 exclusively for banks and with your own portfolio.
The letter pays the same interest rate for a fixed wholesale period. It is as if the bank It will constitute a fixed deadline in the market, plus a differential that will mark the price of cut.
Discontent banks
The new Storm Front for the Government would be among the banks that are annoying with the calls outside the program, but also, with the fact that they add a lace rule with bonds that they did not want to buy just 24 hours ago.
“The BCRA and Treasury set the rules and the system and the markets conform to that”, Sources from the financial system said Scope.
Source: Ambito
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