Although the technical name is surety, in reality it is a fixed term that is made in the Stock Market between private parties.
On one side, there is the investor who offers pesos or dollars and, on the other, the taker who, in exchange for the money, in addition to paying a fee,
must leave a guarantee
, generally bonds or shares.
This investment alternative generally yields a lower rate than the bank fixed term, but it has two differences in its favor:
it can be done in one day,
two days or as long as desired, and it has the specific backing of guarantees.
In this market, which until last week was only private,
the banks entered,
thanks to the permission of the Central Bank, last Thursday.
The monetary entity seeks that the increase in the supply of pesos that is being seen does not lower the rate of guarantees and it becomes easier and cheaper for the investor who takes those pesos
to use them to become dollarized.
From what was seen in the first days of operations, the banks entered the new market with everything.
"The volume in the reference bond increased by $40 billion: we went from 170 to 210 billion traded per day.
The rate increased by about 400 points, from 63 to 67%
," explains Mauro Mazza, a researcher at Bull Market Brokers .
"What is worrying is that
the guarantee is now 'dirty'.
Before, it was by definition the system's risk-free rate instrument because it has the private sector and not the public as its counterpart. Now the banks, which had never operated, will arbitrate surety against BCRA passes, and this is risky," he adds.
The operators say that on Monday there was a growth in the volume operated in sureties.
"Large orders were seen. It is believed that it was a demand from financial institutions. The rate rose to 68% per year, a level that
is no longer useful for banks to arbitrate the net rate of 1-day repos
," explains an analyst .
Although retail investors are more used to making fixed terms, investment apps offer the possibility of putting money in sureties, in exchange for a small commission.
Furthermore, sureties are a good alternative for SMEs to invest funds between what they charge and what they have to pay.
Even savers can take advantage.
For example, last week on Twitter they recommended paying everything with a credit card and putting the pesos in security "to work."
Even if they are a few pesos, everything works with an inflation of 90%.
NE
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