The economy faces $1.2 trillion in debt payments this week. It offers fixed-rate bills and bonds tied to inflation and the dollar. It seeks to give signs of nominal slowdown.
He Ministry of Economy will perform This Wednesday the first tender of debt in pesos of August. It aims to obtain the necessary funds to, at least, renew the $1.2 trillion in maturities this week. The main news comes from the rate signal that defined the team of Luis Caputo.
The Finance Secretariat, led by Pablo Quirno, will put on the table on this occasion three fixed-rate letters (LECAP), two inflation-linked bonds (BONCER) and two titles dollar linked.
The LECAP will be new issues: there will be one in November 2024, another in February 2025 and another in June 2025. The first two will be auctioned without a rate floor. However, in the third there is an important signal from the Government: for The June letter established a minimum monthly effective rate of 3.95%.
The number implies a rate reduction compared to the previous tender, at the end of July. On that occasion, a LECAP had been offered for March with a rate floor of 4.5%. Although this time it is a longer bill, the reduction is considerable.
The signal comes after the compression of rates that there was in the secondary market in recent weeks. And, ultimately, The Government is seeking to get the market to buy into a deceleration path sustained of nominal variables: inflation and devaluation. As reported by Ámbito, Caputo promised the representatives of stock exchange companies he met a few days ago that between September and October the inflation index will start at one.
On the other hand, Finance will offer a BONCER for December 2026 and another for December 2027. Finally, it will put on the table a dollar-linked bond for December 2025 and another for June 2026.
Source: Ambito
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