This Wednesday, in the midst of market uncertainty due to the exchange of bonds in dollars for papers in pesos ordered for public organizations, the Government closed a new debt tender in pesos, where it raised $416.5 billion and renewed 113%
of expirations this week.
To get the banks to provide financing in pesos, the economic team
raised the rate and took it to 123% per year.
In this way, the Treasury received 1,643 offers.
"$367,000 million of debt from the National Treasury was due, we had offers for $664,000 million of nominal value and we accepted for $416,500 million," Finance Secretary Eduardo Setti anticipated via Twitter.
"We want to thank the institutions of the Argentine financial system and the individuals who trusted in our proposal," Setti said.
Neither Setti's post nor the official statement made mention of the rate.
However, analysts warn that to close the operation they offered a high rate.
"The Treasury is already paying 123% of the effective annual rate (TEA) to finance them for 95 days,"
said economist Gabriel Caamaño.
This Wednesday's tender was the first after the debt swap in pesos that Minister Sergio Massa offered two weeks ago and which had a lower acceptance than expected by the market.
And also, this operation coincided with a day of turbulence in the midst of the announcement that the Government will force the ANSeS Sustainability Guarantee Fund and the rest of the public organizations to exchange their bonds in dollars for securities in pesos
.
So far this year, a positive net financing of
$452,013 million
was reached .
In this tender, the menu of instruments offered consisted of seven titles.
For Mutual Investment Funds, a LELITE was issued with maturity on April 21, 2023.
Two new bills were also issued: one adjustable by CER (X18L3) maturing on July 18 and one at a discount (S31L3) maturing on July 31, 2023.
In addition, a discount bill (S30J3) maturing on June 30 and an adjustable bill by CER (X18S3) maturing on September 18, 2023 were reopened. These instruments are part of the Market Makers Program.
Lastly, there was a reopening of a dual currency bond (TDF24) maturing on February 28, 2024, and a dollar-linked bond (TV24D) maturing on April 30, 2024.
Of the total financing obtained, 43% consisted of CER-indexed instruments, 32% at a fixed rate, 22% at a dual rate, and the remaining 3% adjusted to the official exchange rate.
Likewise,
74% corresponded to instruments maturing in 2023
, while the remaining 26% matured in 2024.
Within the framework of the Market Makers Program, the second round of the bidding will take place this Thursday, where offers may be received and awarded for up to 20% of the total nominal value awarded in today's bidding.
The next tender will take place
on Wednesday, March 29
, as previously reported in the preliminary schedule of tenders for the first half of 2023.
With today's result,
the Treasury will need to cover just under $300 billion of maturities in the last tranche of the month
.
AQ
look also
The AnSes defends the exchange of bonds in which it will deliver dollars and receive pesos and says that retirees will not lose
"Massa's greatest betrayal": harsh criticism of the opposition to the sale of ANSeS bonds in dollars
