The measure of the Ministry of Economy on the bonds had an impact on the resources of the Sustainability Guarantee Fund.
The effect of the advertisements Ministry of Economyto rescue and unify the bonds that are in the hands of public bodies, were immediate in the price of the dollar and in the index risk country. However, it will also have an impact on the price of the Sustainability Guarantee Fund (FGS), whose administration corresponds to the ANSES.
The last decision of the national government determined, through a decree, that public bodies dispose of their holdings of dollar bonds to contain the pressures on the financial dollars and absorb the surplus of pesos in the market that push the prices of the parallel dollars. In addition, the claim is to incorporate resources for economic stability, reduce the external debt and finance the National Treasure.
In short, this measure of Ministry of Economy would allow the fgs -which has some US$11,150 million of public titles under local legislation and another US$2,500 million determined by foreign regulation- reinforces its patrimony by US$2,000 additional million.
ANSES will be the largest contributor to these bonds, which will be auctioned gradually, even without a definition of what the sales methodology will be. It is estimated that the sum in pesos that the FGS will receive will be around $400,000 million, which would go to productive projects in the real economy and loans for retirees.
The FGS will be compensated by the Treasury with a dual bonus that adjustment for inflation and devaluation. will have a rate of 8% and a coupon of 3% and 13 years, so it will be a title that will not lose against increases or dollars, which generates a change of titles with fickle prices in exchange for a stable and safe one. The operation foresees that ANSES will deliver securities to the Nation at the market price, valued at $60, while it will receive $100.
In this way, the fgs will be revalued by an estimated additional US$ 2,000 millionin addition to the $400,000 million that it will receive in delivery of the papers in foreign currency.
Source: Ambito
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