Debt: Luis Caputo renewed only 75% of weekly maturities and the exchange had an adhesion of 19.5%

With a double operation carried out on Wednesday, the Ministry of Economy closed an active month of January in terms of the administration of the debt in pesos. On the one hand, through a tender For cash, He stretched the placement deadlines at a fixed rate to 2027, but barely managed to renew 75% of the weekly maturities. On the other, In the exchange with which he began to postpone February commitments he got a 19.5% adhesion.

Debt tender in pesos

It was the second tender for cash of January. On this occasion, the Ministry of Finance faced the expiration of a LECAP for $ 2.9 billion, to which the remnant of the Dual Tde25 bonus was added (the majority portion in the hands of the Central Bank had already been exchanged last Friday). In total, This week the commitments to be renewed amounted to $ 8.8 billion.

At the auction on Wednesday, Finance received offers for $ 7.97 billion, of which he awarded $ 6.6 billion. The secretary Pablo Quirno reported that the result implied “a renewal of 75% of the maturities”. In this way, about $ 2.23 billion were released to the market.

As in the first tender of January economy he had placed twice what he won and had obtained a positive net financing of $ 1.8 billion, The renovation percentage of the total maturities of the month was 96%.

Why was the weekly Roll Over? The chief economist of the SBS group, Juan Manuel Francohe considered that he was not surprising and that he responded to a lack of liquidity of the financial entities. “The liquidity comes Tight and possibly some did not renew to get pesos,” he told the scope And he stressed that private Lefi (held by banks) “have been falling and active passes, climbing.”

One of the novelties of the auction, was the PLACEMENT OF A CHAPTERIALIZABLE BONO A FIXED RATE (BANCAP) to January 2027that is, almost two years seen. This instrument was the most volume He captured: $ 4.36 billion. In economics they stressed that this allowed to extend the duration of the debt. To achieve this, it paid a monthly effective rate (TEM) of 2.05%in line with what the market expected although quite above the expectations that the government seeks to install for the nominality of the economy.

The rest of the amount placed was distributed as follows: $ 962,000 million in a LECAP (capitalizable letter at a fixed rate) cut to March 2025 to a topic of 2.4%; $ 750,000 million in a LECAP to April 2025 to a topic of 2.26%; and $ 523,000 million in a Bonce (Indexed to inflation) with zero coupon to March 2027 with an internal annual return rate of 7.66%.

Low adhesion to the exchange

In parallel, the government made a New debt exchange in pesosthis time oriented to start clearing part of the maturities of February. In particular, a conversion of the Bonce T2X5 for a new LECAP to November This year.

The economic team had put a stop for the exchange of $ 4 billion. However, The result was far from that pre -established maximum. The eligible title holders signed $ 1.18 billion, which implied a adhesion of 19.5% of the total. The new letters came out of 2.2%.

It was about Third exchange of the month. The previous conversions were the Dual TDE25 Bonus with the BCRA (already mentioned) and the megacanje Also made last Friday, which involved eleven titles that expire between May and November of this year.

In that operation, Economy had achieved an adherence of 64% of the eligible titles, with which they could kick for 2026 $ 14 billion of maturities. To achieve this, they said in the City, he paid a considerable “award” rate over the values ​​that marked the yield curve at a fixed rate before the call to that exchange. In addition, the titles granted in return were dual (at a fixed or variable rate), which in the facts meant granting a “safe” against possible increases in the monetary policy rate (or lower than those expected by the market).

The objective was to decompress the hottest months of the electoral process to reduce the risks of pressures on the dollar to each expiration of debt in pesos, in the event that the humor of the market was reversed, especially in the event that there was a Additional flexibility of the exchange rate.