In the tenth public debt tender of the year, with the issuance of the Bonte 2030 On the part of the Ministry of Economy, the Government managed to consolidate again before the international market, managing to receive more than 146 offers for more than US $ 1,600 million. This bonus, issued in pesos with a fixed rate of 29.5% per year and subscription in dollars, has captured the attention of foreign investors, reflecting a renewed interest in the Argentine sovereign debt.
The successful placement of US $ 1 billion in Bonte 2030 not only strengthens the reserves of the Central Bank without increasing net debt, but also points out An improvement in the perception of risk of the country. Significant demand by foreign investors indicates growing confidence in macroeconomic stability and in the policies implemented by the economic cabinet.
This return to the international debt market, after almost eight years of absence, suggests an opening towards new financing opportunities and greater integration into global financial markets.
The issuance of this bonus also has implications for the local market. By offering an attractive instrument for international investors, greater competition and dynamism in the bond market in pesos are expected, which could translate into better financing conditions for the State and the private sector.
However, it is crucial to closely monitor the evolution of inflation and the exchange rate, since these factors can affect the real profitability of the bonds and the sustainability of the debt. But for investors, and even funds such as JP Morgan, in the short term there is great confidence that the government will maintain stability. In addition, external financing agency must be handled with caution to avoid vulnerabilities to possible external shocks. But it is worth noting, that before being in such a situation, Argentina would receive the special support of the United States; particularly from the Sovereign Fund of Exchange Stabilization- sphes.
In the tender he also returned to take prominence, as in the previous ones, the appetite of investors by the LECAP. The capitalizable letters in pesos absorbed more than Ars 6.78 billion.
The S30J5, expiring in June, was the most chosen instrument, managing to capture funds for more than Ars 2.67 billion to a topic of 2.58 %; and a thy of 35.75%. Recall that the month of April, after the implementation of the “phase 3” of the economic program, the JP Morgan expressly recommended to investors to opt for LECAP, ratifying the market confidence in the short -term debt market.
In conclusion, both the support of foreign investors with the Bonte; And the successful debt rollover in local currency, represents a positive step in Argentina’s financial strategy, reflecting an improvement in financial perspectives, which help consolidate the country’s loss and an opportunity to strengthen reserves without increasing net debt.
Source: Ambito
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