Sunday, August 7

Economy captured $ 218,785 million in mega tender but failed to cover maturities of the week

In parallel, the Treasury tendered another security at a fixed rate. It was about the brand new Liquidity Letters (Lelites), offered in a very short term and available only for Common Investment Funds (FCI). This asset, maturing on November 23 of this year and at a rate of 34.25%, barely accounted for 6% of total debt.

On the other hand, in this tender the reopening of two bonds indexed to the official exchange rate (Dollar Linked), with deadlines in November 2022 and April 2023, respectively. Between the two they monopolized 23% of what was awarded. The Ministry of Finance left out part of the offers received for these securities so as not to commit to paying rates much higher than the devaluation rate.

The rest of the debt placed was for two inflation-adjustable bonds (Fuck). The shortest expires in September of next year and yields 2.53% annually in real terms, while the longest expires in March 2023 and offers a return of 3.51% on the price increases of the period.

It should be remembered that this Thursday the second round will be held for the eligible instruments that are part of the Market Makers Program, in which only a small number of brokerage firms and financial entities participate, which will be able to request titles already knowing the agreed rates in this first round.

When the final results of this tender are still missing, October’s net financing is currently $ 21.97 billion, which implies a roll-over of 106% regarding the maturities that were in the month.

In the accumulated of 2021, Economía placed net debt in pesos for $ 435,570 million, equivalent to a roll-over of 115%.

The projected maturities for the remainder of 2021, in concept of principal and interest for negotiable instruments payable in pesos, add up to a total of $ 991,606 million.