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Fury over coverage: BCRA stopped Lediv’s tender after a sharp increase in its stock

Fury over coverage: BCRA stopped Lediv’s tender after a sharp increase in its stock

November 29, 2023 – 17:46

The BCRA declared Lediv’s tender void this day. On Tuesday the entity had placed restrictions on the acquisition of these bills tied to the linked dollar.

Ignacio Petunchi

As he was able to check Ambit with several market operators, this Wednesday, November 29 The BCRA declared Lediv’s tender void. What impacted this decision was the enormous repercussion that arose in the city after it became known that Lediv’s stock rose to $5.14 billion on Tuesday, even despite the new restrictions imposed by the entity.

The Ledivit should be noted, are dollar letters linked at 0% rate issued by the BCRA, redeemable at any time at 100% of its technical value, with a duration of 180/365 days. Market operators commented that they were being used as exchange insurance for those companies that they were looking to have a coverage faced with the impossibility of accessing the market for pay imports.

Yesterday the BCRA launched the Communication “A” 7897 that restricted which were the only investors eligible to buy Lediv and in this way it replaced Communication “A” 7892 that had been issued last Thursday. Thus, they can only subscribe this instrument: banks that have “dollar linked” deposits, oil companies that have increased their production and importing SMEs.

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Did the Lediv have an impact on financial dollars?

One of the rumors that began to run in the market was that the decline of financial dollars was influenced by the entry of fundsby the companies, to the letters of the BCRA dollar linked. However, given the slowdown of Lediv’s tenders this day and the continuation of the bearish rally in both MEP as of CCLmade it clear that The causes of these declines are other.

“With a market that was wondering If it is those letters that explain the weakness of the CCL these days (under the logic that there could be a sale of the cable/MEP dollar with the objective of using the pesos to subscribe to Levid). The data, however, suggest that If Levid had an impact on the recent movement in shadow financial FX, that impact was marginal.“, reported the consultant 1816.

Another report, this time from OUTLIERmaintained: “Levid is credited with this drop in the parallel exchange rate and, although we believe that there is logic in liquidating dollars to buy a linked dollar asset at a zero rate (who can do it), We doubt that the volume involved is sufficient to generate such a drop in the exchange rate. and furthermore the times of the dynamics have not run in parallel”.

In this regard, this report described the volume operated. From the first constraint, Levid’s origination rate showed a reductionIn particular, between 11/24 and 11/27 the average daily subscription rate was US$58 million to the official TCN. During the previous 8 rounds, that average daily subscription rate had been US$258 million (5 times more).

However, he explained OUTLIER During the Friday, Monday and Tuesday following that first restriction, the CCL accumulated a drop of 11.8%. During the 8 previous rounds during which Levid’s daily subscription rate was 5 times higher, the price of the CCL dollar rose 9.7%. In fact, “the period of greatest increase in Levid’s stock (highest rate of daily subscription) occurred during the general elections and the run-up to the ballot, which nor does it coincide with the highest daily losses of the parallels“explained that report.

Source: Ambito

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