Juan Manuel Barca
08/30/2021 11:24 AM
Clarín.com
Economy
Updated 08/30/2021 11:30 AM
The government will seek revenge with the debut of a new program to expand financing
and reduce dependence on Central Bank funds.
After last Friday's weak tender, the Ministry of Economy
will launch a second round this Monday between 11 a.m. and 1:30 p.m. with selected private and public banks and brokerage agencies
.
The Treasury thus seeks to capture an eventual excess demand in the primary debt tenders, something that was not seen last Friday.
In the last auction, $ 71,000 million were placed, a figure lower than the maturities of $ 93,000 million
and the $ 110,000 million that the Ministry of Finance, headed by Rafael Brigo, had sought.
According to the new program,
called Market Makers
, the total amount to be tendered will be for up to
a maximum amount of 20% of the total awarded in the first round of each of the instruments.
In that way, Finance could raise about $ 14,000 million with help from the private sector, but operators are skeptical.
"
There is very little activity in the market and almost all the investors who needed letters, went to the primary,
" said the analyst of one of the Stock Exchange companies that is part of the list of 13 applicants selected by the Treasury to participate in the second round of this monday
. And what happens if they fail to cover the financial gap? "They are going to have to issue and pay," he
replied.
The initiative
has the advice of the IMF
, which in Venice suggested to the Minister of Economy, Martín Guzmán, to finance the fiscal deficit without issuance, to expand the collection and to strengthen the inflow of dollars to the country. Since July, however,
Economía had to accelerate the assistance of the Central Bank
to cover the greater financial needs and has
already requested $ 710,000 million in the year
.
The government has been adopting various measures to help Guzmán
in his strategy to kick maturities without raising rates too much.
In March, the Central authorized banks to embed their deposits in Leliq in Treasury bills.
And this month, it began trading government securities futures, while the CNV gave incentives to investment funds to buy bonds.
"
The objective is for our instruments to be placed in the secondary market
, have greater liquidity, greater fluidity in operations and provide greater volume to all our securities," Brigo said last week when announcing the launch of the Market Makers, after the first tests have been carried out
During the initial evaluation period, the entities that will act as applicants are for the moment Allaria Ledesma & Cía SA, Balanz Capital, Banco BBVA, Galicia, Banco Nación, Banco Provincia, Hipotecario, Santander, BNP Paribas, HSBC Bank, JP Morgan Chase Bank NA, Rosario Valores and TPCG Valores.
With the rates already set in advance, institutional investors will be able to issue additional
bill
orders
(LEDES, LEPASE and LECER) present in the first round, provided that they maintain a quote on the exchange screens and carry out operations for a period of time and volume. determined, giving greater stability to transactions.
Like the other tools, Finance aims to scratch the pot to capture part of the $ 1.3 trillion of short-term funds. But
the last attempt to put a floor on the rate and offer short-term instruments did not have the expected results
. The question that opens up now is whether there will be a more aggressive signal, such as a rate hike, or will there be new measures.
"With the passing of the tenders,
the Finance margin is decreasing
. The largest deficit in the remainder of the year (2.4% of GDP, according to our estimates) plus the $ 800,000 million that remain to be paid on maturities with private parties they collide with a percentage of
net financing that decreases in the margin and assistance from the Central Bank that is running out,
"said
Lucio Garay Méndez
, an analyst at
EcoGo
.
YN
Look also
Guzmán acknowledged tensions in the dollar and defended inflation-adjusted debt
Martín Guzmán and a weak tender to finance the deficit
