Silvina Batakis, Minister of Economy.
On Wednesday, the Ministry of Economy obtained a loan of 515,861 million dollars through the placement of five pesos bonds, some at a fixed rate, others adjusted to inflation and the evolution of the dollar, with maturities expected within the year. course and in 2023.
In doing so, he obtained positive funding of over $ 190,000 million in yesterday’s tender, reaching a net funding of $ 318,200 million in the month.
Of the total loans obtained, 64% is represented by instruments that can be adjusted with CER (price changes), 29% at a fixed rate, and the remaining 7% by instruments linked to the rise of the US dollar.
Measured otherwise, 30% corresponded to instruments maturing in 2022 and the remaining 70% to securities with payment commitments in 2023.
Analysts agreed that the fares paid by Economy have increased since the last race. Lede (due in October) paid a nominal annual rate of 70%, which meant an increase of 654 basis points compared to the tender at the beginning of the month. In terms of annual effective rate, the yield would be 90%, meaning the yields would offset inflation.
“There has been a strong rate hike in LEDES, which is a positive sign. The rate is not yet positive, but it is there,” tweeted economist Gabriel Caamaño, from consulting firm Ledesma. “LEDE contributed $ 121 trillion. Eligible LECERs for banks contributed $ 338 trillion. Ergo, the key contribution continues to be through bank liquidity and index-linked debt, whose tied demand has increased with changes in the integration of reserve requirements and in the formal coordination of the Treasury-BCRA. “
During the last fortnight of July, the National Treasury faced maturities totaling approximately $ 324.3 billion, so a net overfunding of nearly $ 192 billion was obtained in this tender.
Considering the two tenders of the month, a positive net financing of 318,200 million dollars was reached, doubling the total commitments outstanding for July.
In this competition, the menu of tools offered consisted of five titles. A Lelite expiring August 16, 2022 was issued exclusively for Mutual Funds, the discount coupon (LEDE) expiring October 31, 2022, two rectified CER (Lecer) vouchers expiring January 20 and May 19, 2023 and one US dollar-linked bond maturing on July 31, 2023 has been reopened.
As part of the Market Makers Program, the Second Round will be held tomorrow, where bids up to 20% of the total nominal value assigned in today’s tender can be received and awarded.
The next race will take place on Thursday 11 August.
Source: Clarin
