06/08/2021 21:56
Clarín.com
Economy
Updated 06/09/2021 7:23 AM
The Ministry of Economy will seek to
place this Wednesday at least $ 19,000 million in the first
debt
tender
in June, a month in which the Treasury will have to renew maturities for $ 241,000 million.
The auction will be the
first test for the scheme designed by the Central Bank
- with the approval of the Economy - so that banks can place reserve requirements made up of Leliq in public securities and, in this way, decompress the financial panorama.
After achieving a net financing of almost $ 50,000 million in May, the Ministry of Finance
now intends to repeat and even improve the performance
of last month, facing the maturity of $ 1.7 trillion in the remainder of the year.
Within this framework, two Discount Letters (LEDES) will be reopened this Wednesday, one maturing in September and 2021 and another in November of this year;
a Variable Rate Bill (LEPASE) until September 2021;
and two letters adjusted by CER (LECER), one until March 2022 and another until May of that year.
As in the previous round,
the titles will be offered without maximum rates
fixed in advance, but will be defined during the bidding.
And the Treasury is expected to try to maximize its funding capacity.
"
It seeks to cover as much as possible,
" they said from Economy.
This month there will be
another tender on June 18 and a last one on June 30
to cover
maturities of $ 76,000 million and $ 145,000 million
.
And then between July and September $ 1.2 trillion will mature.
So far this year,
Guzmán
covered the maturities and
made an extra balance of $ 200,000 million
, 28% of the $ 700,000 million he needs to reach the financing goal of 40% of the deficit in the local market ( the other 60% would be with monetary issue).
"To meet 40% of debt financing, based on our deficit projection, we estimate that it would require net financing slightly above $ 500,000 million," said Juan Pablo Di Iorio, economist at ACM.
The migration of reserve requirements
to LECERs
could add an additional balance of up to $ 150,000 million
, a financing that, although not seen as significant, would help to pass the "winter".
But private banks show little interest
in Treasuries.
"They will participate little and nothing, when they are volunteers it is to disguise that they
use deposits from public banks
to finance the Treasury and the deficit,
" they advanced from an entity where they are attentive to the movements of the public sector.
In the sector they see that the renewal periods "are getting shorter and the elections are approaching."
The measure would thus open
a door in case of "emergency"
to the state banks and give air to the Central, which in May had to go out to finance the Treasury with a $ 50,000 million transfer.
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