Since Javier Milei took office, the monetary policy rate has not stopped decreasing in order to liquidate the Central Bank’s liabilities, which strongly affected the profitability of fixed terms. However, this trend began to change.
After the drastic reduction suffered the rates of traditional fixed terms at the beginning of 2024, A change in trend has begun to occur in recent weeks. From a floor of around 30%, some entities decided to slowly raise these yields, starting from the reference that the rates of Capitalization Letters (Lecaps) in the market represent today, according to analysts.
It should be noted that the BCRAin command of Santiago Bausilialready cut the monetary policy rate six times so far in the Government of Javier Milei (currently at 40% TNA). Since private entities are no longer required to pay a minimum ratethe yields of fixed terms have been located about 10 points below this reference figure.
As he was able to verify Ambit, some banks began to limit this spread, thus adjusting traditional fixed-term rates upwards. So, for example, the BBVA Bank that paid 28% TNA, now He raised it to 36.5%. Also Macro Bank It increased it two percentage points, from 30% TNA, to 32% TNA.
For the economist Jorge Neyro “it is likely that banks began to take the interest rate as a reference Lecaps“. According to public SBS Groupin its report on Friday at the close of the market, the TNAs of the Lecaps remained at levels between 41.34% TNA (June) and 65.40% TNA (March).
Fixed terms: what the rate they pay depends on
“As is well known, the central bank is cleaning up the balance sheet. The entity is strongly reducing monetary liabilities. The idea is to allow the monetary policy rate to be published and for banks to begin to be governed by the Lecaps rate to remunerate fixed terms.“he told AmbitWalter Morales of Wise Capital.
The Treasury Lecaps They have been in high demand in recent weeks because, at the moment, it is the instrument that pays the best rate, taking into account a conservative profile. In fact, several Management Companies launched Common Investment Funds T+0 composed entirely of Lecaps.
Fixed terms: what rate each bank pays
BBVA 36.5% TNA
UALÁ (UILO) 35%
MORTGAGE 34%
VOII 34%
BICA 34%
COMAFI 33%
MERIDIAN 33%
CMF 33%
MACRO 32%
BIBANK 32%
REGIONAL CREDIT FINANCIAL COMPANY 32%
CREDICOOP 31%
ICBC 31%
CITY BANK 31%
BANCO DEL SOL 31%
CHUBUT BANK 31%
BANCOR 30%
NATION BANK 30%
BRUBANK 30%
GALICIA 30%
PROVINCE BANK 30%
HSBC 30%
SUPERVIELLE 30%
BANK JULY 30%
SANTANDER 28%
CURRENT BANK 28%
DINO BANK 28%
BEST SELLER BANK 27%
Source: Ambito
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