Juan Manuel Barca
09/09/2021 21:04
Clarín.com
Economy
Updated 09/09/2021 21:04
Despite the climate of nerves due to the proximity of Sunday's elections and the expectations of devaluation in the future, the
Government passed a new test by placing almost $ 100 billion
in the debt tender on Thursday and thus covering the maturities of next week
with the help of securities indexed to the dollar and inflation
, along with an improvement in rates.
The last auction had generated uncertainty after the setback in August
, when all the maturities could not be renewed.
And on top of that was added the tension due to the rise in the blue dollar -this Thursday it closed at $ 186.5-, which led Martín Guzmán in the last hours to ratify the "robustness" of the economy and deny the possibility of a devaluation.
Within this framework, the Ministry of Finance received 676 offers for $ 147,348 million and awarded an effective value of $ 99,608 million, which represents
14% above the $ 87,000 million that expire next week
.
Guzmán's men explained that they left out 30% of the demand so as not to validate a higher rate hike.
The main workhorses were two bonds adjusted to the exchange rate (dollar linked), which captured 46% of what was awarded
.
The one that expires in November 2022 yields 0.25% and that of April 2023, 0.25%.
The two letters tied to the evolution of prices (LECER), meanwhile, represented 32% of the placement and expire in April and July 2022 with real rates of up to 3.99%.
"
The new bond tied to the dollar was the key to this tender
, the instrument with the highest demand, which
provides coverage against a potential jump in the exchange rate
for the creditor and that allows the Government after a long time to stretch maturities to 2023, after having tried it with a fixed rate and CER, "said Lucio Garay Méndez, an analyst at EcoGo.
The other key piece was the exchange made last Friday of a BONTE bond in the hands of Banco Nación
, which allowed to clear a maturity of $ 157,000 million.
In exchange, Guzmán delivered 16 titles (LEDES, LEPASE, LECER and BONCER) to the entity, with average yields of 45% in discount bills with a term until next January.
"
It was a good result
. After renewing the bond in the hands of Banco Nación, the Treasury obtained more than $ 10,000 million net and it is important because
a third of the maturities of the LECER next week were in the hands of foreign funds
, which in August they left $ 20 billion unrenewed, "said
Lorena Giorgio,
Equilibra's
chief economist
.
Last November, Guzmán sought to exit PIMCO and Templeton
with
US $ 750 million
dollar bonds
.
But they still preserve holdings in pesos that, according to the official, put pressure on the parallel dollar.
The LECERs would also have attracted the banks
.
"They
validated real rates of almost 4% for CERs without taking the entire offer, they raised the rate
. Banks have to choose between those securities or the LELIQs that pay below inflation or just there," said
Gabriel Caamaño
, an economist at
Ledesma Consultant
.
Lastly, the Treasury placed part of the LEDE in the ANSES FGS with an annual maturity of 40% in January.
The next tender will be on September 16.
Look also
More issuance: Martín Guzmán received another $ 60,000 million from the Central Bank to finance the deficit
The Central Bank sold another US $ 90 million and already sold US $ 500 million in the month
