In the first call, the government would be trying to refinance about $ 9 billion, with titles for all investor options, but all already expiring after the October 26 elections.
Bonce
Dollar Linked
- As of October 31
- As of December 15
The electoral result of the Legislative of Buenos Aires confirmed the worst of the scenarios that the consultants and stock operators were and this was reflected on the first day of operations in a collapse of the Argentine assets.
Within that framework, they all presuppose that Treasury has to renew debt in a context of falling money demandwhich can complicate the rollover. Hence, while the level of rates that could arise can be lower than in previous ones called due to the rise in the exchange rate, it is also possible that the government costs to place the entire offer.
Personal Personal Investments (PPI) indicates that “the idea that circulates in some areas is that the authorities could begin to rescue bonds in pesos to underpin the curves in pesos, but it seems counterproductive in the current context of falling in the real demand for money.”
“The only way to strengthen it is to force the banking system to increase its position in public titles. The BCRA would take advantage of the announcement of the next tender (Wednesday) to raise lace and adjust the intelligible part with public titles. ” Add PPI.
The study anticipates that “considering that the APPOTE OF PRIVATE NON -FINANCIAL AGENTS BY INSTRUMENTS IN PESOS will fade, the rollover ratio will be more tensioning, which implies that a greater increase in lace requirement will be needed. “
Source: Ambito
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