In the tender, 1,225 offers were received, representing $307,011 million in face value, of which an effective value of $182,772 million was awarded.
Of the total financing obtained68% was represented by fixed rate instruments and the remaining 32% resulted in the CER (inflation) adjusted instrument maturing in 2023.
“Due to the success of the tender, tomorrow the Second Round will not take place within the framework of the Market Makers Program, having reached the amounts established according to the maturity profile of the securities offered,” highlighted the portfolio directed by Sergio Massa through of a statement.
It is that after the exchange of titles carried out on Tuesday, the maturities for this month that reached $615,862 million were reduced to $115,318 millionso that with what was obtained in today’s tender, it managed to cover all maturities.
Economy offered three securities maturing between 2022 and 2023. A LELITE maturing on August 31 was issued, exclusively for Common Investment Funds, the discount bill (LEDE) maturing on November 30 was reopened, and another bill adjusted by CER ( LECER) maturing on February 17, 2023.
In the case of Lelite, Economy awarded titles for a cash value of $33,842 million (with an annual nominal yield of 55%), which will have to be renewed at the end of the month.
On the other hand, in the case of the Lede to next November, it awarded $90,995 million in cash. This paper paid a nominal annual rate of 75.59%, which is equivalent to an effective annual rate of 98.05%. In Lecer, $57,934 million were placed at a negative real rate of 1%.
The next tender, on Monday, August 29, will aim to add more net financing for the Treasury, which will surely be required in the remainder of the year because the government does not intend to renew temporary advances from the Central Bank.
The strong rise in interest rates that the Treasury validated continues in parallel with the Central Bank, which also announced a rise of almost 10 percentage points in its reference rate on the day. The annual nominal interest for the 28-day Leliq, which is the other reference of the rate broker, went from 60% to 69.5% nominal, which is equivalent to 96% effective. In the same way as the Fixed Term of up to $10 million, with the same yields.
With this, the government seeks to approach a positive interest rate, in order to prevent surplus pesos from going to some version of the parallel dollar.
Source: Ambito
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