The 1 -day tomader caution collapsed on the end of the wheel due to the surplus of weights.
In a new vertiginous day for yields in pesos, the 1 -day bond rate collapsed to 2.1% on the closure of the wheel, after touching peaks of up to 65%. The abrupt movement was tied to the extraordinary tender of the Treasury and the new scheme of daily lace arranged by the BCRA, Market sources commented on Scope.
The Ministry of Finance placed on Monday $ 3,788 billion in a tamar bonus (M28N5 11/28/25) +1.00% TNAwith total offers for $ 3,799 billion.
According to operators, the key was that the Liquidation of the tender will be held this Tuesdaywhich left the banks with a surplus of $ 5.8 liquid billion per day. That surplus overturned to the Caión market, generating rates collapse. “Probably this Tuesday the bond returns to levels close to 45%, where the average of the day was located”they pointed out.
In addition, the BCRA liquidity window around 65%although without too much movement for excess pesos. The banks had already expressed their disagreement with the new demand for daily lace, which complicated the funding strategies.
From Aurum values They stressed that the collapse of the rates “responds to the low roll of the tender last week, which left a surplus of about $ 5.8 billion”, in a context of “little predictability” for banks.
Caution
Along the same line, Nicolás Cappella, Sales Trader of Grupo IEBhe stated that “The most important thing about the day has been the decline decline. It went from 70% on Thursday to levels of 2% in the minimum of the day. That happened because the banks had rolled less in the tender of the treasure. Then, with the highest lace and the new tender in tamar, they were left with $ 3.8 billion liquid for one day, which were direct to the bond.”
For the question, Salvador Vitelli, Head of Research by Romano Groupstressed that the change in lace generated operational mismatches: “The banks had to cut operations before to build daily numerals. That generated a surplus of pesos from 16.30 that turned to the market, amplified by the payment of the $ 5.8 billion and the new tender. Until the system accommodates the change of monthly lace to newspapers, the bond will continue very volatile.”
“He great problem of the vertiginous of these rates is found in the low predictability for anchono strategieswhich could impact that, with the new criteria for daily measurement of lace, Financials have left the place dry in the first part of the day “, something that they understand that” it generated that the surplus of offer to closure collapses interest rates, “they said from Aurum.
Source: Ambito
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