Guzmán put in $ 370,000 million, without covering all maturities

Government put up a debt this Wednesday for $ 370,000 million, without covering all maturities, a lump that can recover in the second round open and accumulated funds. The result coincided with the beginning of a period of greater financial needs and more challenging to cover the financial deficit.

At the previous auction, the Treasury had not yet collected the intended volume, although it did cover payments using bond swaps and the help of inflation-adjusted titles. This Wednesday, faced with a tender where 80% of the titles are in private handsrenewed 96% of the $ 386,000 million due this week.

Half of the award is thanks to a basket of cost of living (CER) indexed bondsmature in May 2024 and July 2024, and the reopening of a dollar -related security to April 2024. The first combo added $ 143 billion and the dollar -related instrument brought in another $ 64 billion.

“The government was able to put in nearly $ 14,000 million less than it should have paid, given that the second round was missing it can be a great soft because it can cover all ages and also the year shows a renewal rate of almost 130%, which is more than good, ”he said Francis Mattigeconomist in consultation.

The auction, however, was contested for the lack of short -term CER bonds in a context of greater volatility marked by the reaction of parallel dollars to the devaluation of emerging currencies.

“April left a message, You need to be wary of months of high maturities because you can roll 100%, but it’s hard to get more net financing to finance the deficit, which implies the use of the BCRA or the peso buffer, ”he said Lucio Garay Mendezfrom EcoGo.

The Ministry of Economy also issued a new liquidity bill (Lelite) on May 23, 2022, reopened three discount bills (Lede) in July, August and September, and a variable rate bill plus margin (Lepase) through August, including a CER-adjusted bond until November 2026.