This is the second call of the month. In the first, on September 10, he had been able to lower rates and renew 90%.
The change of financial climate came just in time for the government. The treasure has the challenge of renewing this week Local coin maturities for $ 5.6 billion in the hands of private and having persisted the distrust that prevailed until Friday, The operation would have been very complicated.
But with the announcement that opens the door at the entrance of about US $ 7,000 million until the end of the yearthrough the temporal elimination of export withholdings and Back Up that represents a future direct loan of the United Statesthe climate for the markets quickly turned, without still taking into account fundamental issues of the Argentine program that have to be cleared.
The consulting company 1816 indicates in its latest report that Like the hard dollar debt bonds, the titles in pesos “also reacted very well to the news, Something key because this Wednesday the Ministry of Economy has to announce the conditions of the auction on Friday. ”
“The curves of Fixed, Cer and Dual Rate, which on Friday showed stress not seen in three yearsthey compressed strong after Besent’s announcement, ”details 1816. The report indicates that“ although the bonce and dual They climbed up to 8% and 6% respectively, the CER 2026-2027 bonds closed above CER+20% YTM and The duals in the Tamar+19% TNA area. ”
Perspectives for bonds
Because of this, the consultant believes that “It is still difficult to think about issuing new titles with ‘Duration’ greater than the year, unless the local currency debt continues to recover in the next wheels (something difficult to rule out, considering what things are moving daily) ”.
“For its part, In the short stretch of the fixed rate curve, the LECAP as of October 31 closed at 4.01% TEM (practically matching the latest LECAP reference of the primaryan S10N5 with a remaining 59 -day term that cut at 3.98% TEM) and the June 2026 BANCAP also in the 4% TEM zone, ”reports 1816.
“Last Friday, a good part of the curve was above 5% TeMs, but, if the fixed rate instruments remain this week at yesterday’s levels (or if they continue to compress), The market can face Friday’s tender with much less anxiety regarding the refinancing of maturities ”, The consultant concludes.
Source: Ambito
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