The remaining 16% of what was awarded was given as three letters at a fixed rate (LEDes) in June, July and August, with rates of 46.05%, 47.29% and 48.27%, respectively. Thus, the officials validated an increase of between 1 and 1.5 percentage points of the annual effective rate (they ruled out more than a quarter of the offers in the shorter Ledes, so as not to validate an even higher rate)
Most of the maturities for the month corresponded to the Boncer TX22, which expires this Friday. Initially, the stock of this title was $547,440 million, although later the Ministry of Finance managed to exchange 55% of the instrument, extending terms, mainly to 2026.
With the closed numbers of both rounds of the first tender, the accumulated net financing of 2022 amounted to $477,371 million, with placements for a total of $1.37 trillion and maturities for $891,396 million. The refinancing percentage for the year to date is 154%.
Financing via the market is one of Guzmán’s main objectives to reduce dependence on monetary issuance, and thus improve the financing profile of the fiscal deficit and contribute to reducing inflation.
As stated in the agreement with the International Monetary Fund, the objective is to lower the emission from 3.7% of GDP in 2021 to 1% in 2022.
As a counterpart, the agreement states that this year and the next two the Treasury must obtain new debt in pesos for the equivalent of 2% of GDP.
One of the problems that for now does not capture the attention of Economy is the high level of indexation of the debt in local currency, days after the INDEC released the highest monthly inflation figure in 11 months.
Source: Ambito
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