Alberto Fernández and Martín Guzmán last Tuesday in the oil sector announcement.
The Government will come out to borrow $ 170 billion this Friday in new dimensions in the local market. While the turmoil is not expected, Martín Guzmán’s team must raise funds to cover maturities and also further allow it to keep the Central Bank’s growing aid to the entry of June, one of the months with the highest cost.
The Ministry of Economy It comes from getting more than $ 780,000 million in the last auction and seize payments for the week, after the recession in April that prevented him from fulfilling all his promises. One of the challenges is expand the financing horizon, when the market prefers short bonds, and one is to meet the IMF’s monetary target.
So far, the BCRA $ 380,000 million has been transferred and the goal for June in the Monetary Financing Fund seems demanding ($ 438.5 billion). If the Treasury fails to expand debt placements, it will have to finance the deficit with more money supply. In June, About $ 547 billion is mature, more than half being adjusted for inflation (CER).
“Most of it is in the hands of Public lenders have a letter at a fixed rate that will expire this week and that will facilitate refinancing. In any case, in order not to put pressure on the macro, Finance will have to find an extra peso in the tender – about $ 50,000 million, if more, better – to finance the deficit, “said Lucio Garay Méndez, an analyst. in EcoGo.
The Ministry of Economy will offer a menu made up of the majority short title, which will expire before next year’s election, with a liquidity bill through June (Lelite), the reopening of the variable rate bill (Lepase) through August and two discount bills (Lede) through August and October, plus the inflation-adjusted bill (Lecer) through May of 2023.
Although maturity is low ($ 166,000 million), the expectation is that the Treasury will exceed them to finance the accounts. After accumulating a major deficit of $ 271,000 million between January and April, Economy has a margin of $ 300,000 million between May and June to meet the financial goal, something that will not be easy because of retirement mobility, the Christmas bonus and the reinforcement bonus.
“They go with everything, the maturities are only $ 166,000 million and yet they point through the menu to gather extra funds, surely the May Lecer is the most demanded instrument, they aim to renew more than 100%,” said Francisco Mattig, from Consultation.
In addition, they will offer bonds that mature after the elections, one adjusted for the Badlar rate and the other for inflation, which public bodies can enter. “I don’t find it very difficult, they realized what happened two auctions ago, when they wanted to issue long bonds and the market didn’t take it, so last time they issued almost all short ones and now too, ”said Martin Saud of Balanz .
Source: Clarin
