Economy captured $326,610 million and closed the month with net funding of almost $700,000 million

“In this tender, the refinancing rate was 521%, and the offers reached $606,000 million10 times over the expected maturities”, indicated the Treasury Palace.

In the tender, the menu of instruments offered consisted of three titles: a Lelite was issued with maturity on January 20, exclusively for Mutual Investment Funds. In addition, a discount bill (Lede) was reopened and a new one was issued with maturities in April and May 2023, respectively. The annual effective rate paid by these bills was 110.1%, some points below the previous placements.

Investors submitted 1,426 offers, representing a total par value of $606,982 million, of which a face value of $411,969 million was awarded, representing an effective value of $326,610 million. The financing obtained was represented entirely by fixed-rate instruments maturing in 2023.

Within the framework of the Program of Market Makers, this Thursday the second round will take place, where offers can be received and awarded for up to 20% of the total face value awarded in the Ledes during the bidding on Wednesday. With that, Economy is heading to face the next tender that will take place on Wednesday, January 18.

When that moment arrives, the Ministry will already have announced to the public the new financial program for 2023. According to Ámbito, the issuance of two new financial instruments, in line with market demand. “We believe that until June we will not have problems for rollover ”, ensure in official offices, and point out that during Throughout this period, 82% of the maturities are in the hands of agencies and public banks, which facilitates renewal.

In the Government they also assure that the request for assistance through advances from the Central Bank will be reduced “to a minimum”, something that reflects the change implemented by the management of Sergio Massa, who at the end of 2022 decided not to use that resource.

A large accumulation of commitments in pesos has been put together for the first half of 2023, by dint of postponing maturities to the future. It is what among investors is called “kicking the can.” Just as in January there are just over $1 trillion in maturities, in February there are $1.22 trillion. On average, throughout the first half of the year some $800,000 million in private hands mature per month. In March the total (which includes the public sector) rises to $1.9 trillion and in April it drops to $1.45 trillion. A total of $934,000 million matures in May, $1 trillion in June. The big difference is in July. Although the commitments to attend add up to $1.8 trillion, lor that is in private hands is about $470,000 million.

In that way, andn Economy rule out the possibility of launching new exchanges during the first half of the year. There is a lot Confidence that you will be able to get through the moment without problems. Somehow, the market will have to renew maturitiesIn principle, because if you take the pesos, you do not have the option of dollarization based on the exchange rate. On the other hand, in the Palacio de Hacienda, they also assure that when On January 20, the data of the National Public Sector for December will be known, the result will be in order with the guidelines agreed with the International Monetary Fund (IMF). It would be an accumulated primary deficit for 2022 of about $2 trillion.