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Guzmán took on $ 65 billion in debt and cut July payments by almost half

2021-06-20T19:48:47.531Z


The Ministry of Economy covered almost all of the June maturities and exchanged a bond to decompress the debt calendar.


Juan Manuel Barca

06/16/2021 10:29 PM

  • Clarín.com

  • Economy

Updated 06/17/2021 7:07 AM

The Government took on debt for $ 65,000 million this Wednesday and with that result it

covered more than 90% of the maturities of June, expanding the financial cushion

to finance the fiscal deficit for the remainder of the year.

The second tender of the month also served to decompress payments in July for $ 188,000 million through a bond exchange with the help of the ANSeS.

The Ministry of Finance received 683 offers and awarded a total of $ 65,000 million.

"Thus, at the end of the second of the three bids scheduled for the month, the National Treasury

accumulates positive net financing close to $ 228.6 billion in a month

in which maturities total about $ 244.5 billion," reported the Ministry of Economy .

The menu included discount letters (LEDES) and variable rate (LEPASE) with a term until September and November 2021 at rates between 39 and 40%, and

discounted letters adjusted by CER

(LECER)

were reopened

with terms up to March and May 2022, two instruments that

once again captured the interest of investors by absorbing 80% of the offers

.

In this way, Finance added a volume of funds well above the floor that had been set at $ 20,000 million.

"It was a good result because you have accumulated net financing to date equal to 93% of the month's maturities.

The month is shaping up to be one with the highest roll over rates,

" said

Juan Pablo Iorio

, economist at

ACM

.

On the other hand, Martín Guzmán's team

collected $ 188,000 million with the exchange of a bond in pesos adjusted by CER

(Boncer 2021) that expired in July for two bonds also indexed with maturity in September 2022 and August 2023 at a rate 3.5% average.

The result represents more than 60% of the $ 300,000 million that were due next month for that title.

The Government

received a key hand from the Guarantee and Sustainability Fund (FGS) of the ANSeS

, with more than 50% of Boncer 2021 in its possession.

And it is estimated that the financial sector also pushed, particularly public banks, the main interested in inflation-adjusted bills since the BCRA authorized them to allocate Leliq funds into Treasury bonds.

From Economy, they relativized the participation of the public sector in this Wednesday's auction and highlighted that they managed to "clear" part of the July payments, since now there will be

maturities for almost $ 250,000 million

 in said month instead of the $ 460,000 million originally planned.

And at the same time the terms of the new titles were extended.


"

The Treasury captured a good volume and did not significantly modify the rates

in the five bills, it is all net financing and exchanged more than half of the maturity of the bond, so it anticipated a difficult moment and eased maturities passing a lot for 2022 and 2023 ", explained

Joaquín Waldman

, an economist at

Ecolatina

.

In the first five months, $ 1.61 trillion has already been tendered with a leading role in peso bills at a variable rate and CER bonds.

L

os titles indexed prices thus became one of the main tools Guzman

to attract financing, although it does not rule out giving more space to letters fixed rate when inflation down.

The next tender of the month will be on June 30 and after July

, there will be maturities of $ 510,000 million in August and $ 360,000 million in September.

The idea of ​​the Treasury is to add more additional funds to face payments and reduce issuance, a strategy that nevertheless raises concern because it implies greater indebtedness to finance the deficit.


Look also

Martín Guzmán before businessmen: "We must reduce the fiscal deficit"

The US asks Argentina for a "solid" economic plan

Source: clarin

All business articles on 2021-06-20

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