On Tuesday, in the midst of the fall in bonds, Finance Secretary Eduardo Setti announced
in a tweet
that they were going to repurchase US$200 million in bonds, 20% of the total amount planned.
That day, the titles
stopped falling
, despite the fact that the purchase was much
lower than reported.
This Friday, the official who reports to Sergio Massa decided to continue with the
same strategy
, in an attempt to
stop the fall
of dollar bonds that
lose up to 1.5% abroad and up to 2.5% in the country
, making raise the country risk 1.2%, to 1,951 basis points.
"On Tuesday we made a repurchase offer for USD 200 M and we only obtained market proposals for around 5% of the amount offered. Continuing with the
deleveraging process
, today
we will be actively with 10%
of the repurchase program in defense of sustainability of debt," Setti tweeted.
Without official data, the market had estimated that the Central Bank had earmarked between US$25 and US$40 million for Tuesday's repurchase.
If what is sought is deleveraging, it would be convenient for the Economy to buy the bonds at low prices, for which it
would perhaps be more convenient not to announce the operation before carrying it
out .
What he rather achieves with the announcement strategy is that the bonds go up and the dollar counted with liquid goes down.
This search to tame alternative dollars ran into this week with the fight over debt between the opposition - which on Monday issued a statement saying that the debt in pesos was a time bomb - and the Government.
The Vice Minister of Economy Gabriel Rubinstein came out to answer Juntos por el Cambio and to accuse the economists who had signed the note who, in turn, responded to him.
All on Twitter.
All this noise
did not help to prosecute bonds or dollars
:
Sergio Massa reported on January 18 that he would start a debt buyback program for US$1 billion, of which he would have already used some US$650 million.
After the announcement, an investigation by the National Securities Commission began on the sharp increase in the volume traded with securities in dollars, before and after Massa made his decision public.
On Tuesday, January 17, one day before the repurchase was announced, 265 million nominal GD30 bonds were traded against MEP, compared to an average of 137 million in the month.
One of the hypotheses is that there was
a leak of information
and that it was used to buy bonds in advance.
The other suspicion revolves around a possible manipulation to generate a "run" on financial dollars (CCl and MEP) through the purchase and sale of bonds.
NE
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