He Ministry of Economy The expiration scenario with a view to the next debt tender in pesos This Wednesday, having a Capitalizable letters (LECAP) who has in his possession the Central Bank (BCRA).
The operation It will be for about $ 4 billion. It was estimated that for the next called The Treasury of the Nation had to address commitments for about $ 8 billion.
The letters that will deliver the BCRA are the S16Y5 LECAP (according to its technical market name), which expires on May 16, and the S30y5 that closes the 30th of this month. The Treasury, in return, will give you another Lecap that will overcome on September 16.
With this, the government would be cutting most of the maturities intra state, which are usually on average half of the maturities of debt in local currency every month.
Expectation for debt tender in pesos
While, according to estimates of Delphos Investmentthe important expiration would be that of This week for about $ 8 billion, In the Congress Budget Office (OPC) It is estimated that the total of the month would be just over $ 11 billion.
Keep in mind that, Being an exchange, in this case the Roll Over of the public sector will be 100%. For this Wednesday, it will be necessary to see what the market will be to maintain a part of its placements in the “treasure risk.”
In the last tender on April 24, the government managed to renew only 70% of what it won. To all this is added that, according to the program signed with the IMF, the Executive could not have funds provided by the BCRA to pay the part that is not refined. Despite this, the monetary authority transferred to the Ministry of Economy the profits of 2024 for about $ 12 billion.
The market expects, meanwhile, that In the next tender the government tries to reduce the interest rate at some points based on the interventions that the Central Bank would be carried out in the dollar’s futures market, Trying to compress the current price of the floating dollar between bands, without implying “Carry Trade” operations with which the economic team tries to crush the ticket price on the exchange band of $ 1,000.
Source: Ambito
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