Dollar linked bonds are traded in pesos but their value is adjusted according to the evolution of the official exchange rate. Therefore, they offer coverage against a possible devaluation. Despite the fact that the Government rules out this scenario (as Guzmán emphasized), investors who are betting on a post-election exchange rate jump or a sharp acceleration in the rate of depreciation increased demand to such an extent that securities maturing as of next year perform on the ground. negative.
The two that will be reopened in this tender are the T2V2 to November 2022. The Government, in addition to taking advantage of the search for exchange coverage to fund itself, is looking for financing at a lower cost and giving a concrete signal that it trusts that it will avoid a devaluation.
On the other hand, the two Boncer that will reopen are the T2X2, which expires in September 2022, and the TX23, which expires in March 2023. In both cases, the placement price will be defined in the tender itself.
There will also be the new Treasury Liquidity Bills (Lelites)Short-term securities destined exclusively for mutual funds (FCI) that debuted two weeks ago with a low level of demand. In Economics, they bet that their performance improves with the running of the tenders. In this case, a 25-day Lelite will be offered at a placement price of $ 977.08 for every $ 1,000 of face value (half a point above what was offered in the previous auction).
Finally, Finance will offer two LEDs: will reopen the one that expires in February with no minimum price or rate and will issue a new one as of March 31, which will have a base price of $ 846.45 for every $ 1,000 of face value, that is, a maximum rate of 43.3%. Among investors, it was surprising that there were no LEDs on the menu within four months.
The Treasury accumulates so far in October a net financing in local currency of $ 70,634 million. In 2021 it registers a financing of $ 484,236 million, with a roll over 118% with respect to the maturities it had to face. The projected maturities for the remainder of 2021, in concept of principal and interest for negotiable instruments payable in pesos, total $ 991,606 million. For the first three months of 2022, project maturities in local currency represent about $ 1.09 trillion.
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