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Martín Guzmán will seek $ 20,000 million today: he will reissue indexed bonds


The economy minister needs to capture the liquidity of pesos to finance itself and meet the June maturities.

Juan Manuel Barca

06/16/2021 6:00 AM

  • Clarí

  • Economy

Updated 06/16/2021 7:27 AM

The Minister of Economy, Martín Guzmán, will seek this Wednesday to place debt for

a minimum of $ 20,000 million

with the aim of expanding the cushion to finance the deficit, facing the June maturities for a total of $ 244,000 million.

And once again,

the workhorse will be


indexed bonds

in a tender in which the participation of the public sector, in addition to the banks, is expected.

The menu includes the same five instruments that were offered in the first auction of the month: discount bills (LEDES) and with variable rate (LEPASE) with a term until September and November 2021 at rates between 39 and 40%, and discount bills adjusted by CER (LECER) with until March and May 2022, the two instruments that last time absorbed 80% of the offers.

With this scheme,

Guzmán took on debt last Wednesday for $ 163,000 million and thus covered more than half of the June maturities

, helped by banks, mutual funds and insurance.

It happens that this month the regulations of the Central Bank came into force that allows banks to place part of their reserve requirements in Leliq in Treasury bonds of more than 180 days.

The novelty of this Wednesday will be the exchange of a bond in pesos adjusted by CER

(Boncer) plus 2.5%, whose maturity in July is around

$ 300,000 million

. The idea is to replace it with a basket made up of 40% of the reopening of the Boncer plus 1.3% until September 2022 and 60% of the reopening of another similar security plus 1.45% until August 2023.

More than half

of Bonce 2021 (TC2021)

is in the hands of the public sector

, with which it will be necessary to see if it manages to capture the interest of the private sector. If the reopening of the LECERs is added to that, it is to be expected that the Treasury will expand the debt placement. "In general, they are doing well, being more successful than necessary, they

are having a cushion and the exchange is going to be important,

" said Santiago López Alfaro, holder of the Securities Patent.

In the first five months,

there have already been 13 bids for $ 1.61 trillion

and an average term of 371 days, highlighting the bills in pesos at a variable rate and CER bonds, according to a report by the Congressional Budget Office (OPC). "There was a time when they set a minimum price (maximum rate) and they took it out when it got complicated,

now the CER is the workhorse,

" said Gabriel Caamano, an economist at the consulting firm Ledesma. 

Economy seeks to take advantage of the rain of pesos

in the banks, driven by the greater demand for liquidity by companies for the payment of the bonus and the return of the income tax. Guzmán's bet is that entities - especially public banks - position themselves in Treasury securities, with a rate higher than Leliq, to ​​avoid a mismatch between assets and liabilities. And that reduces the assistance of the Central Bank.

In effect,

the Treasury increased the additional financing

 in the last tender, after in May it needed to resort to a profit transfer from the BCRA for $ 55,000 million. "After the good first tender in June, the rollover ratio of debt services in pesos has risen to 130% so far this year, above the government's target of 115% and our premise of 110%," explained the consulting firm Equilibra.

Ahead, we must renew more than $ 450,000 million in July

, $ 510,000 million in August and $ 360,000 million in September.

As in April, this Wednesday's swap would allow the outlook to be decompressed.


They are anticipating a possible problem in July

, seeking to make a swap in June that is calmer, it is $ 300,000 million, if they succeed they would alleviate July," said Joaquín Waldman, an economist at Ecolatina.

Look also

How to buy dollars: 4 available alternatives to protect pesos

Argentine stocks resume their rally and jumped more than 6% in New York

Source: clarin

All business articles on 2021-06-19

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