The sharp collapse in interest rates left two “hedging” mechanisms that Argentines had developed dull: the fixed term and the funds invested in virtual wallets. In the midst of a new acceleration of the parallel dollar, small savers are wondering where to invest so as not to lose to inflation.
Unlike other times, there is not much escape from “the blender” in the local market now. Fermín Ezequiel López, Portfolio Manager of Cocos Capital, explained: “In the context of the BCRA’s monetary consolidation policy and fiscal where the treasury is committed to the fiscal sustainability of the current administration, the step last week was to migrate the liabilities of the BCRA (and bring them to a minimum) to the treasury. “That generated an important incentive given the new monetary policy rate to stretch the duration of investments in pesos a little and go to Lecap.”
Stretch the deadline and lose a little less It is one of the most popular options on the market now. The mutual fund industry made that move in recent days and there was a disarmament of so-called pesos “money market” to the T+1 funds, which invest among other things in Treasury bills. Diego Martínez Burzacocountry manager of the Inviu investment app, stated: “Common investment funds that have a T+ 1 settlement period can have a higher annual nominal rate than the money market, or a fixed term, but obviously it is still not enough to beat inflation, although it could be an alternative to lose less.
In that sense, the economist stated that in the case of conservative investors, UVA fixed terms They remain as an option against the increase in prices in the economy. “The problem there is that The minimum term is 6 months, Therefore, there you are tied a little to the volatility that there may be with the exchange rate if that interests you from the dollar’s point of view.”
Martínez Burzaco included an option for those who do not believe in the Government’s promise of a “quiet dollar.” “Those looking for something more dollarized can go to a common investment fund and buy negotiable obligations in dollarss, or even choose three or four investments related to negotiable obligations in dollars directly, which can be purchased in both pesos and dollars in the local market, and ultimately that has a certain liquidity and gives you exchange protection for the most conservative investor. and at the same time gives you an attractive interest rate.
Along these same lines, the team research of IOL recommended a package of five Cedears (Argentine Certificate of Deposit) that replicate the operation of international companies. Among them are companies such as Chevron, AT&T, Altria Group, Pfizer and the Brazilian oil company OK.
“In terms of fixed income we also highlight the possibility of subscribing to the ON of YPF”, they stated. “First of all, we are going to highlight that it is an ON Hard dollar. These types of instruments usually offer protection against devaluation scenarios and offer high hard currency yields. In addition, they pay rent and capital in dollars,” they noted.
The state oil company carries out the primary tender for this bond this week. The interest rate agreed for this subscription is 6% in dollars. “The ON will pay coupons quarterly, starting in November 2024 and ending in May 2026, paying jointly with the total payment of the capital at maturity,” they added.
