The allocation was made through Lecap letters, Boncer bonds and Linked dollars, all tied to inflation.
During April the Treasury financing reached a total of $5,732,924 million pesoswhat represents 175% above the maturities of the periodThe Ministry of Economy reported this Thursday.
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The allocation was made through Lecap letters, Boncer bonds and Linked dollars, all tied to inflation.
The award and titles
A Lecap (fixed rate) November 24 (S29N4) with 4.4%TEM, and $1,121,471 million. For its part, the Lecap (fixed rate) March 25 (S31M5) with 4.10%TEM, for the amount of $611,614 million.
Additionally, a Boncer (adjustment by CER) was placed on March 26 (TZXM6) CER with 2.95% (TNA), for $607,583 million. And finally, Linked Dollar bonus (exchange rate adjustment) June 25 (TZV25)- devaluation -1.02% (TNA), for $393,081 million.
According to Economy, Placement rates continue to validate a scenario of disinflation and lower market rates.
The placement of the Lecap in March 2025 implies a rate drop of 641 basis points (in TNA rate) compared to the previous Lecap tender in February 25.
“The inverted slope of the Lecaps rate curve validates the scenario of disinflation and lower rates,” said the Treasury, which also indicated that The market “validates the scenario of real appreciation of the exchange rate and, consequently, the DLK bond was issued at a devaluation rate higher than that of the CER bond.”
Tender what was the view of the market
“Not only did the Treasury not capture as net financing in today’s tender everything that was issued in recent rounds by the IDB. In addition, it is the first with negative net financing. That’s why they talk to them about the monthly rollover and not about the tender”indicated the economist Gabriel Caamano.
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“Extrapolating the curve (liquid t+3), This is what it looks like with the titles tendered today and how they are above what was handled in the market,” he indicated from his networks Salvador VitelliHead of Research at Romano Group and exemplified: “In dollar linked it is a little more noticeable. That title was for approx -11.6% and it cut -1.0% haha in CER if I looked for the curve it was for -8% and it came out -3%.”
