Most of the demand (68%) was concentrated in bills tied to inflation (Lecer) maturing in June 2022, just on the day on which INDEC reported that prices recorded their highest rise in September in five months. This time, the Ministry of Finance paid 2.84% of the real rate, lower than the 4% that it had come to validate in the weeks after the STEP.
Meanwhile, the new Treasury Liquidity Bills (Lelites), a very short-term pre-cancelable instrument exclusively destined for mutual funds (FCI), accounted for just 8% of the total, at a predetermined rate of 33.75%.
At the same time, 28% of the total corresponded to two fixed rate bills (Ledes) maturing in January and February and yields of 40.49% and 41.23%, respectively. Finally, the Badlar Rate bond to 2023 only kept 4% of the tender, with an agreed rate of 43.41%.
In this second round, almost the totality of what was awarded corresponded to the Lecer. It should be remembered that only 13 companies were able to participate in this round, with the advantage of knowing the rate in advance but the responsibility of guaranteeing the liquidity of the instruments.
According to the official Economy statement, a total of 32 offers entered and 49.5% of the amount at nominal value received from investors was awarded.
Given that the week’s maturities were not very bulky, the Treasury obtained significant net financing between the two rounds of the tender.
Nevertheless, in the last week of the month there will be a tough test as $ 262,588 million expire, according to data from the Congressional Budget Office. Finance is already preparing to try to renew in the auction scheduled for October 27.
In 2021 it accumulates financing of $ 484,236 million, with a rollover of 118% with respect to the maturities that it had to face.
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