This Friday, the
Ministry of Economy
awarded
public debt
in pesos for almost
$5 billion
with the local capital market, made up of
banks, Common Investment Funds (FCI), insurance companies, various companies and retail investors
.
Thus, the portfolio led by
Luis Caputo
renewed the debt maturities that totaled about $1.9 trillion and the National Treasury will take the opportunity to
repurchase securities from the Central Bank (BCRA)
for $3 trillion (equivalent to
30% of the monetary base
).
According to Economy, the
Ministry of Finance
, headed by
Pablo Quirno
, received 1,405 offers in this tender and awarded debt for an effective value of
$4,856,437 million
($4.8 billion) with two
bonds tied to the evolution of the inflation
until June 30, 2025 and June 30, 2026. "Zero coupon" debt has
negative real rates
-3.48% and -3.47%, respectively.
Likewise, offers for $565,881 million were discarded for a bill that expires on May 20 of this year, because the objective is to "stretch the maturities."
"The financial fiscal balance of the National Treasury
eliminates the need to take on new debt
. For this reason, the financing obtained above the maturities will be used to repurchase the AL35 sovereign bond in the BCRA portfolio for approximately 30% of the monetary base" , the Government reported that hours later it reported that in January there was fiscal balance.
"This operation allows us to continue with the process of
cleaning up the BCRA's balance sheet
, reducing the monetary
overhang
and improving the financial burden of the Treasury debt," added official sources.
Pedro Siaba Serrate
, head of Strategy at
Portfolio Personal Inversiones (PPI)
, said: "The most striking thing about this time is that they did not repurchase titles in pesos, but rather they went out to repurchase AL35, which is one of the dollar bonds that the Central after the 2020 restructuring. And then a possible reading is that the economic team may be seeing that
the Cash With Settlement dollar (CCL) already had a very strong appreciation
in a short time.