It will be through the tender of four new Lecaps (with maturities from June to August), three zero-coupon Boncers and one zero-coupon dollar linked bond.
He Ministry of Economylead by Luis Caputo, will seek to renew this Thursday debt maturities for just under $3 billion.
It will be through the bidding of four new Lecaps (with maturities from June to August), three zero-coupon Boncers and one zero-coupon dollar linked bond.
The novelty On this occasion, three of the Lecaps have a minimum monthly effective rate (TEM).located above the new TEM of the BCRA monetary policy rate (3.3%). “We estimate that the maturities to be faced are almost entirely in the hands of private investors”they said from SBS.
“All eyes are on the result of the Treasury tender, which will try to get financial entities to transfer liquidity from ‘Pases’ to short-term ‘Lecaps’. It is clear that the minimum rate of ‘Lecaps’ offers great attraction for banks , mutual funds and other investors and will likely attract much of the short-term liquidity,” highlighted the consulting firm Delphos Investment.
“As always, we will also have to pay attention to the level of global net financing that the Treasury obtains and the rates that it validates in the rest of the instruments”he noted.
Faced with this operation, The BCRA has just reduced its reference rate to 40% annually against an inflation of 8.8% in April, far from the 25.5% reached last December.
Source: Ambito
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