Mary Church
10/27/2020 6:31 PM
Clarín.com
Economy
Updated 10/27/2020 6:39 PM
In a new bet to try to
decompress the exchange pressure
, the Government made
$ 254,671 million
in exchange for debt issuance, thereby reducing the need for monetary issuance from the Central Bank, it was officially highlighted.
It was an important test in the market, after the rise in financial dollars in recent weeks (calmed down in recent days with official interventions).
The $ 254,671 million was obtained through the bidding of
five instruments
.
But the one that captured the greatest appetite from the market was the
bond tied to the official dollar,
which is an 18-month security, maturing on April 29, 2022.
With that title, the Ministry of Economy received
$ 129,804 million,
just over half of the resources that arose from the tender on Tuesday.
It is an amount equivalent to US $ 1.66 billion, it was specified in a statement.
It also emerged from the tender that this title will pay an annual rate of 0.10%.
That rate suggests that investors are content to
hedge against the depreciation of the peso
that occurs in the next year and a half.
This “dollar linked” is the second that was tendered in the management of Alberto Fernández.
Although in Martín Guzmán's environment there was a certain reluctance to issue an instrument tied to the dollar, the high expectations of devaluation that were infected in recent weeks, with an exchange gap that flirted with 140%, made progress on this type of auctions .
In the previous tender for the other bond tied to the dollar, the Government made $ 136,000 million.
Thus,
in October the Ministry of Finance obtained funds for $ 420,583 million
(in addition to another tender for securities in pesos) that "allow the end of the month with a positive net financing of approximately $ 250,000 million, which represents a refinancing ratio of maturities (roll-over) of 246%, the highest of the year ”, it was highlighted in a statement.
They also highlight that, with these resources obtained in the market,
"the monetary assistance provided by the Central Bank
in the framework of the pandemic
will be reduced.
" That is why it was reported that the Treasury "will make an
early cancellation request
this week.
of temporary advances of the BCRA for a total of $ 100,000 million
, which add to the cancellations already made in October for about $ 26,000 million ”.
In a signal to the market that was very volatile and negative in recent weeks, with increases in cash with liquidation and the MEP, and also with the fall in the prices of the new exchange bonds of 30% on average, Guzmán seeks transmit moderation in the monetary issue.
As it was officially detailed,
this week $ 108.7 billion will expire
.
According to Juan Ignacio Paolicchi, from EcoGo, with the market the total to be paid was about $ 97,000 million (the rest was with the public sector itself).
Paolicchi estimates that
in the remainder of the year there will be maturities of debt in pesos with the private sector for $ 525,000 million
.
November is the heaviest month of the two that remain, with a total to be faced of $ 263,000 million, which would already be almost covered.
Last week Martín Guzmán announced that they were reviewing the financing estimates for next year that they had included in the 2021 Budget.
What is foreseen in the official project, which this Wednesday would have approval in the Deputies to begin to deal with it in the Senate, is that 40% be covered with public debt and
60% with BCRA issuance,
percentages that are now being reversed, even if it is partially.
Following yesterday's statements by Alberto Fernández, in which he once again assures that there will be no devaluation, the president admitted today that there were interventions in the bond market that is used to make dollars known as cash with settlement (CCL).
“We intervene on the CCL so that they understand that they cannot do what they want.
If we have to intervene again, we will do it, "he admitted in an interview with Radio 10.
"We are not going to let them do what they want and we hope they have understood it, it is not possible for them to act as they do. As Cristina said, many see the dollar as an option for savings and hoarding, but we need the dollars to produce, to give work and export, "he added.
Look also
The surge in public spending due to the pandemic effect brought the fiscal deficit to $ 1.8 trillion
Debt in dollars: Neuquén announced that it will not pay a maturity
