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Sunday, November 27, 2022

The market expects the debt swap for $1.7 trillion for this week

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The economist considered that “thus the Government would support that there are less expectations of devaluation”.

“The last thing the government is going to do is make a discreet jump, despite the fact that the devaluation of the official exchange rate is already running at 6.5% per month”said the market analyst.

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In that sense, he said that “it was thought that it was going to be devalued after the special soybean dollar regime, and then there was a drop in expectations in the very short term.”

“That reassured parallel dollars, but we don’t see much inflow of asset demand overall. It’s a pretty poor month in terms of flow and demand for assets, that’s something you see quite a bit in the mutual fund industry.” Gandara explained.

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For his part, Suh said: “IThe market is cautious, but last week CER instruments experienced a small rally with a kind of bond shortage because the Treasury came out to announce that there was a new auction of short fixed rate letter debt and a dollar linked bond.

“The market is more positioned in CER instruments,” he explained.

The economist referred to the call for bids for this Monday for $25,000 million in nominal value, and US$50 million in a linked dollar, which constitutes a preliminary test for the swap that is expected to be launched on Wednesday.

The menu of securities that will be made available to investors is made up of a Liquidity Letter with a very short discount, as of November 30, for $10,000 million at a price of $961, only for Common Funds.

Then there is a Treasury Bill with a discount for $10,000 million at a price to be determined in the auction, maturing on February 28, 2023, only for entities that are part of the Market Makers Group. Secondly, The offer includes a dollar-linked bond for US$50 million as of July 31 of next year, with a value to be determined in the auction, and a Treasury Bond as of May 23, 2023, also with a price to be determined.

Source: Ambito

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