In a call where they were looking to renew $ 7.2 billion, it managed to place $ 6.6 billion although at a lower cost than the last call. All in the middle of one of the most complicated financial weeks since the government of Javier Milei began.
He Ministry of Economy achievement successfully overcome the last call for tender to renew maturities for a total of $ 7.2 billion, When getting Place new bonds for $ 6.6 billion at an order rate of 59% In the case of Capitalizable Lyrics (LECAP) shorter.
In a context in which registered a sharp drop in demand for moneyafter Sunday’s elections in the province of Buenos Aires where there was an unexpected negative result by the market, the team of the Treasury Palace was able to refinance 91.4% of the maturities.
As it transpired, he Central Bank He intervened in the passes market, which led to a decrease in the rate for a 40%day. This managed to relieve the situation of the treasure.
From the Puente Research team indicated that “the tender came out in the range of expected”. “We foresee that the rollover would not be complete, given the missing liquidity, but it was close to completing what it won,” said the bridge analysts.
“The Treasury had to pay a considerable award to obtain that subscription”they explained, when contrasting the rates resulting from the call with those of the secondary market. “The question is whether the government will be satisfied with freeing weights to the market or will take some measure as in previous tenders.”said Puente in relation to the money that this time was released, which would be about $ 700,000 million.
In your account in the social network “X”, The Secretary of Finance, Pablo Quirno published: “The Ministry of Finance announces that in today’s tender awarded $ 6,633 billion having received offers for a total of $ 7,418 billion. This means a 91.43% rollover over the maturities of the day of the date.”
LECAP
- As of October 31 (S31O5) $ 3,608 billion at 3.97% monthly rate/ 59.62% real annual rate
- As of November 10 (S10N5) $ 1,345 billion at 3.99% are / 59.90% thya
- To January 16 (S16E6) $ 1,044 billion at 3.94% are / 58.93% thya
Tamar
- As of December 15 (M15D5) $ 0.498 billion to +2% tna
Bonce
- As of March 31 (Tzxm6) $ 0.138 billion at +22.91%
Dollar Linked
- As of October 31 (D31o5 and December 15 (Tzvd5) – Desiertas
Eric Ritondale, head economist of Puente also said that “Banks and unregulated investors continue to demand the short part of the fixed rate curve, without wanting to extend ´Duration´ in instruments Cer or letters Tamar“
“Given the low rates observed today in the simultaneous wheel of Byma; with the BCRA setting a rate of 35%; compared to 45% on Friday; The tender we see it as positive; especially considering the decline of secondary market rates; What enables not expecting a tightening in lace policy, “he said.
For its side, Dante Ruggieri, partner in AT Inversiones stated that “the rollover level with rates with a little prize was good” regarding what was negotiating in secondary markets. “In the market they are quoting the same titles to one to a monthly effective rate of 3.6%, 3.7% and and gave almost 3.9% almost 4%.
Source: Ambito
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