The team of the Minister of Economy, Martn guzmn, swap this Thursday debt maturities adjustable by dollar official for almost $ 50.6 billion (u $ s 504 million).
In a double operation, the Finance Secretary achieved stretch deadlines thanks to investors who expect a devaluation of the peso in the official market and they kept bonds dollar linked.
Furthermore, the portfolio commanded by Rafael Brigo and Ramiro Tosi placed $ 79,585 million in five instruments, funds that allow you to cover the next maturities and have a financing cushion to execute public policies during the rest of the month.
Thus, commitments for November were reduced to $ 328,367 million, and the Palacio de Hacienda has $ 67,915 million net.
The pesos that Guzmn captures in the local capital market are used to depend to a lesser extent on monetary issuance.
Although in the Government they believe that it is not the only factor that explains inflation – which would be “multi-causal” -, in Economics they admit that it is a source of pressure, at least through the exchange rate (the remaining pesos go to the purchase of dollars; demand for currency falls and prices rise, so money loses value).
Today was the second conversion of the bond T2V1D, which expires on November 30; investors turned to titles of the same style (linked to the dollar official) that expire in November 2022 and April 2023.
Their bet is that after the legislative elections on November 14 there will be a devaluation of the local currency against the US currency or that at least the pace of growth will accelerate. crawling peg, and that this will allow them to obtain better profits than with fixed rate bills or adjustable by the inflation.
Originally issued last year for the equivalent of u $ s 1766 million (It is subscribed and paid in pesos at the official exchange rate) with a primary yield of 0.1% in real terms, the first exchange was made on October 5 and the second on November 4. The remaining balance is u $ s 471 million, after stretch the deadline of 73.3%.
Among all the bonuses dollar linked in circulation there are about u $ s 3.7 billion of local residents.
Likewise, in the first of the three debt tenders scheduled for November, Economa received 554 offers, of which 90% of the amounts were awarded.
Of the total financing obtained, 11% corresponds to instruments maturing in 2021 (the Leliq of the Treasury, Lelite, which are exclusive for Common Investment Funds -FCI-); 60% to instruments maturing in 2022 and 29% to 2023.
Meanwhile, 39% were represented by fixed rate instruments (the Lelite at 34.25% annual nominal rate and two Discount Letters -Ledes- for the end of January and March 2022 to 40.11% and 42.59%, respectively), while the remaining 61% went to securities adjustable for inflation (CER bonds, with positive real rates in 1.13% and 2.48%).
So far this year, the Secretary of Finance obtained in “positive financing” (net indebtedness) close to $ 511,000 million, with a roll over ratio accumulated 118%.
As the monetary issue of the Central Bank (BCRA) to assist the Treasury totaled at the end of October $ 1.3 trillion, The financing percentage is around 72% through Transitory Advances (AT) or transfer of profits and 28% through debt placements in the local market.
If the refund of AT is discounted by the computation of the Special Drawing Rights (SDR) sent by the International Monetary Fund (IMF) in august that ratio drops to 63% – 37%, close to 60-40% that Martn Guzmn wanted to show. Economists, however, observe that this operation did not produce a real contraction of the monetary base.
The next Treasury debt tender will be the Thursday, November 18, after the parliamentary elections.
On December, the last scale of the financial program, maturities of about $ 280,000 million will be faced.