Escuchar
The Government not only managed today to capture all the money it needs to pay the debt maturities in pesos that it faces in a few days, but it was also able to capture an “extra” $0.83 trillion from the market that will allow it to rebuild the liquidity cushion that he had armed and had fallen by more than $2.3 billion 12 days ago due to that event.
It was at the end of the first tender in October, an event in which he offered investors a total of 10 instruments, among which two new Capitalization Bonds (Boncap) stood out, papers that function like the already known Lecap but are issued at more of 1 year (in this case at 368 and 427 days) at a monthly compounded fixed rate (based on 30/360) that ended up being 3.9 and 3.89% monthly.
“The Boncaps, offered for the first time and have a maturity of more than one year, “They allow the Treasury to continue extending the average maturity period of its peso curve.”explained the Secretary of Finance, Pablo Quirnoby anticipating the result of the tender through social networks.
With this offer menu the Government received purchase offers for $6.32 billion, when it must pay just over $5 billion for the maturities of the Lecap S14O4 and the Boncer T4X4, although it ended up allocating new debt papers for $5.90 billion. “The surplus of $0.83 billion will be deposited in the Treasury account at the BCRA,” the official announced.
The bulk of the fundraising came, as has become common in recent months, from the placement of Capitalization Letters (Lecap), papers that cannot be issued for more than 1 year, which explains the emergence of Boncaps. These instruments, issued this time for terms ranging from 109 to 305 days, attracted a total of $3,041 billion to the treasury, that is, 51.16% of the total collected by the Treasury and at a cost that was 3.87 at 3.90% monthly (the highest for the shortest term), that is, up to 57% nominal annually.
But The contribution of their “cousins”, the Boncaps, was not far behind as they contributed another $1,758 billionindicating that they had an auspicious debut. “There were reductions in rates against the previous bidding and some premiums against the secondary one,” Facimex Valores observed in this regard.
This way, Almost 81% of the placement was made at a fixed rate, something unprecedented in the last 5 years.
Of course, at a cost that some analysts judge to be somewhat high taking into account the market’s expectation of a greater drop in inflation next year: we must remember that the last REM placed it at 35% annually and the project of the budget sent by the Government to Congress the expectation is even much lower: at 18%.
“It is a financial cost that would remain high if the economic plan actually manages to reduce monthly inflation to 2% or even less.”. Until now, just over 20% of the Lecaps matured after March 2025, a figure that for now did not imply high financial risks, but from now on…”, the economist had observed in this regard a few days ago. Leonardo Chialvaof Delphi Investment.
Chialva clarifies, however, that part of that cost derives from trade off that the Treasury faces between “extending the terms or continuing to concentrate the maturities to recently extend duration when the inflationary context allows yields to sink to levels more in line with the inflation scenario drawn up by the economic team.”
In fact, “the Treasury validated an average inflation of 3.02% per month for next year,” Facimex agreed.
The rest of what was collected today by the National Treasury was distributed between two bonds adjustable for inflation (Boncer) placed – a third offered with a term of more than 2 years was not in demand – and another adjustable for variation in the official dollar that were issued at between 14 and 17 months and at rates of up to +10.6% and -2%, in each case.
Conforms to the criteria of