With the October 26 elections on the horizon, and due to the difficulties of the economic team to sustain the exchange rate within the flotation bands, in recent days the demand for “hard” currency coverage was markedly accelerated. This was perceived not only in the market -free market (MLC) but also in future dollar contracts and in the demand for bonds and letters dollar Linked.
About the latter, it is worth noting that In the tender last Friday, 54% of the debt in awarded pesos corresponded to indexed titles to the evolution of the wholesale exchange rate. In addition, at the beginning of this week the “City” perceived that the BCRA detached from an important portion of the possession it had in the letter that expires this month (D31o5).
The BCRA rebuilt Tenure of Titles Dollar Linked
Martín de la FuenteAdcap Research Analyst, had pointed out on Wednesday that this was the only tool that the central had to contain the dollar since the margin of intervention in futures was coming to an end. Nevertheless, As was almost without D31o5 in the portfolio, the communication of a exchange was predictable To rebuild fire power in dollar Linked.
Indeed, That was what happened this Thursdaysince the monetary authority exchanged instruments at a fixed rate with expiration towards the end of October (T17O5 and S31O5) for the following assets tied to the dollar: D28n5, expiring on 11/28/2025, Tzvd5, expiration on 12/15/2025, D16E6, expiring on 1/16/2026, D30a with expiration on 4/30/2026 and TZV26 Expired on 6/30/2026.
“Thus, the BCRA made a New exchange for almost US $ 7.3 billion. This would allow him to repeat the intervention maneuver that we observe from September 29 with the letter to October, “said the PPI stock company.
For its part, Nicolás CappellaIEB financial analyst explained that this is relevant because “the BCRA can now sell those bonds, and thus, Those who want to bet on the officer will rise (or that the bands will not exist more) can buy those bonds“
“U $ 7,000 million is a huge volume, and the market reacted according to it. Futures marked low of 2%. Implicit rates went from 60% to 35%. The Linked dollar letters, which were previously for demanded, now that it was known that the BCRA has much more ammunition to continue selling, they also put red around 1.5%, “said the specialist.
“Although without resolution in the Official Gazette, it would be the exchange to the BCRA that had remained without firepower to sell coverage in the secondary Federico García Martínez.
The government defends the exchange scheme, while looking for help from the United States
Thus, The government insists on using the entire toolbox that is available to defend the current exchange scheme. After climbing almost $ 100 (+7%) in the first three days of the week, the official exchange rate remained almost stable this Thursday at the end of the wheel at $ 1,424.50, a value that is 4% behind the band’s roof (today almost at $ 1,482).
The greatest calm, which was also reflected in the improvement of bonds and actions, occurred After the announcement that Caputo will travel to the US This Friday to meet with the Secretary of the Treasury of the American power and specify details about the monetary assistance that Donald Trump’s government will facilitate the Argentine government.
Earlier, Besent had declared in front of journalists from his country that the possibility of a swap was being considered And not an injection of “money in Argentina”, something that was being very questioned by Democratic opponents. “There could be no failures in this idea that we are helping Americans rich there. What we are doing is maintaining the strategic interests of the United States in the western hemisphere,” he said.
Source: Ambito
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