The Ministry of Finance reported that $ 4,424 billion were awardedafter receiving offers for a total of $ 5,314 billion. This represents a “rollover” of 165% compared to the maturities of the day, which amounted to $ 2.7 billion.
For its part, the Secretary of Finance, Pablo Quirnoexplained that the surplus of $ 1,740 billion He was deposited in the treasure account at the Central Bank.
Meanwhile, Felipe Núñez, advisor to the Minister of Economy, Luis Caputo, and director at the BICE, explained that this operation meant a “rollover” of 103% for the maturities of February.
Debt in pesos: what instruments managed to place the Ministry of Finance
The Government He placed three capitalizable letters (LECAP) with different maturities and interest rates. The first, for $ 1,357 billion, has a 2.58% monthly (TEM) rate and expires on March 31, which is equivalent to an internal annual effective rate (TIRA) of 35.76%.
The second, for $ 0.780 billion, has a 2.56% and expires on April 28, with a 39%throw.
And the third, for $ 1,328 billion, offers a topic of 2.53% and expires on June 18, with a 34.93% throw.
In addition, a treasure bonus adjusted by CER and without coupon was awarded, by a total of $ 0,959 billion, expiring May 30 and a thy of 5.34%. All rates of these instruments exceeded the expected inflation both in the short term and in the annual government projection, which in the budget was estimated at 18%.
In the case of LECAP, The rates offered were above their value in the secondary market, where they were around 2.2%. The maturities of these instruments are concentrated before the mid -term elections, which will begin in October. In previous tenders, the government had managed to extend some maturities until 2026 and 2027, but this time He opted for shorter deadlines.
“The remarkable thing is that they awarded an award in all the instruments of the menu. All LECAPS were issued above 2.5% of the AM: approximately 5 basic points above the secondary market,” Market sources highlighted.
According to a PPI report, the treasure’s strategy to reduce deadlines and adjust rates responds to its intention to avoid validating high rates in long -term titles, seeking to reduce pressure on that market segment.
Source: Ambito
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