After the flexibility of the exchange rate, the Linked dollar titles were attractive. In the secondary market, the instruments at a fixed rate and the CER rose strong.
The Ministry of Economy announced the details of the next Debt tender in pesoswhich will take place next Thursday, April 24. On this occasion, The Ministry of Finance will offer longer titles and seek to refinance the $ 7.5 billion that expires this week.
The portfolio led by Pablo Quirno, right hand of Luis Caputo, will make available to investors Four Expiration instruments in 2025: Two Lecaps (at a fixed rate), with expiration date in August and September, respectively, a Boncap (fixed rate) to October and a bonce (indexed by inflation) also to October. In the tender last week the deadlines were shorter (there were May, June and July).
In addition, there will be others Two titles with expiration in January 2026: A Linked dollar (adjustable to the evolution of the official exchange rate) and a Boncap. By 2027 two additional titles will be placed: A BCAP and a bancer.
It will be the last tender of the month, in which the treasure faces Mistrifications for $ 7.5 billioncorresponding to the S28A5 LECAP and the TC25 bonce. It is estimated that a Little more than 70% of the amount corresponds to private holders.
The flexibility of the exchange rate removed attractive to the dollar Linked
In the previous placement, Economics awarded about $ 5 billion, which allowed to refinance 75% of the maturities. The market did not show appetite for the Linked dollar bonds after the release of the exchange rate For human people that govern since April 14.
In the market they argue that, from the new exchange scheme, Rolling the debt is more difficult since investors now have Easy access to the official change marketso the weights are no longer so captive.
“It is indisputable that Both the fixed rate and inflation -related strategies continue to be the main winners after the implementation of the new scheme exchange In this sense, since April 11, both segments accumulate Tax returns of up to 20%“Portfolio said Personal investments in a report this week.
Source: Ambito
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