To “roll” the $247,854 million that did not enter the swap, Economy will make available to investors a wide basket of new securities in local currency.
In the first place, as is customary, a liquidity bill (lelites) maturing at the end of this month, exclusively for Mutual Investment Funds.
Three letters will also be placed at a fixed rate (You give), with maturities in June, July and August, respectively.
Additionally, investors looking to hedge against inflation will have the option of depositing their funds in a bill basket (reading), made up of 60% by a security with a deadline in December 2022, and 40% by another with a deadline of February 2023. At the same time, they can bet on three bonuses (bonzer) maturing in August 2023, July 2024 and November 2026, respectively.
Prior to the swap, the TX22 represented 80% of the obligations payable in March. With last week’s operation, Economy eased the debt burden; Most of the new securities received by investors who entered the swap mature in 2026.
After this tender there will be two other placements to refinance the maturities of the next two weeks, which are close to $370,000 million.
Within the framework of the agreement with the IMF, the Government proposed to reduce financing via monetary issue from 3.7% of GDP to 1% of the product. For that, it stipulates a debt in pesos of 2% of GDP. Between January and February, it obtained a net financing close to $246,000 million.
Source: Ambito
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