Ezequiel Burgo
10/31/2020 21:27
Clarín.com
Economy
Updated 10/31/2020 9:27 PM
"The markets want to continue governing, but they have to understand that the economy is managed by the government
.
"
The phrase is from
Máximo Kirchner
two weeks ago in the midst of the blue dollar's rally that reached $ 195.
Fifteen days passed and
the opposite
happened
: the Government took measures that the market wants.
Here are some:
- the reduction
of the bond
parking
was reversed
to carry out cash operations with
three-day
settlement
,
-
the
ban
was
lifted
so that non-residents do not operate,
- An
auction of bonds up to a value of US $ 750 million was announced
(which could be higher according to Economics in talks. It estimates that
Pimco
and
Templeton
have about US $ 4,000 million in bonds and that is what is 'pressing' the cash market with liquid,
-
Guzmán
provided the market with the instrument most sought after: a
security tied to the evolution of the price of the dollar
.
In October, it placed debt in the market for $ 422,000 million
according to Quantum Finanzas, which would have allowed it to obtain resources to cancel the debt maturities and the deficit for the month and also pre-cancel advances with the Central Bank for $ 100,000 million.
“In this sense, the government's decision to issue dollar-linked bonds has played an important role, particularly in the context of devaluation expectations and exchange restrictions.
Indeed, of the total issued, 62% were instruments tied to the evolution of the official exchange rate - dollar-linked bonds,
”Quantum explained in a report.
On October 6, the Government issued the first dollar-linked bond for US $ 1,760 million This week the same,
- So far this year,
the placement of debt in the local market in pesos (including dollar linked) net of maturities with the private sector totaled $ 251,399 million
according to Eco Go.
Within the economic team there are those who admit that these measures
go in the opposite direction to their creed
.
And that instead of anchoring with the market as, timidly, Finance does, they should have played stronger with the Pimco and Templeton funds.
There are economists more closely linked to La Cámpora who speak of
reprofiling
those securities in pesos and issuing to finance the heaviest months to come in terms of fiscal deficit.
According to Quantum, Guzmán should seek financing for
$ 1.5 billion in November-December
.
If you want to borrow, you must listen to the
market
.
He did it with the
debt
.
