Buenos Aires – Galicia Financial Group (Ggal) managed to place more than US $ 128 million In a negotiable obligation (ON) al 0% of interest that expires in almost seven months. Market analysts indicated that This is possible thanks to the remnant of the stocks.
“There are people who use this bonus to get dollars”he explained Santiago López AlfaroPresident of Dracma Investments.
While the government raised almost all exchange restrictions on April 11, some that weigh on legal personsthat is, companies, were in force: those linked to Dividend and utilities stocks generated until December 2024 already commercial and financial debts with linked entities. It is for the latter that The Central bank will tender in the next few days the Bopreal Series 4, so that companies can channel those needs.
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“The subscription to this ON has to do with the stock: Think that you are about to broad”, Explained López Alfaro.
For its part, Juan Manuel scamdirector of the consultant Outlieradded: “Companies subscribe this bonus and in just over six months the dollars are taken. Galicia places the ON that the tables can sell against pesos. So, you end up buying an output in dollars “.
See more: Caputo: Tax drop involves returning to the private sector to “US $ 550,000 million” in 7 years
Galicia’s tender
Grupo Financiero Galicia received 11 offers, for US $ 130,025,000, of which it allocated 10, for a total of US $ 128,025,000. The expiration occurs on November 28, 2025 and the tax is 0%.
That is, between the emission and completion of the bonus there will be a course of 205 days in total.
Flight to quality In the domestic market
In the financial world there is a concept called flight to quality (if it translates to Castellano Como Quality flight), through which, the agents seek refuge in assets considered safer – as the United States or gold treasure bonds – in situations of uncertainty or instability in the markets. And Outlier’s latest report indicates that something similar is being observed in the Argentine corporate market.
Before the consultation of what this concept refers, applied to the local level and at this time, Truffa explained: “The one of flight to quality It is referred to what happened with the ONS after the subject of Mediterranean generation (Gemsa). The fastest bonds, in terms of fundamentalsthey had sales and investors take refuge in things that of better credit quality “.
The latter refers to the fact that last week, Two companies from the Albanesi Group (Gemssa, one of them, and the other Albanesi) asked for a period of grace to face your negotiable obligations with expiration in May. Days later, Argentine cellulose announced the default of its ON’s.
Meanwhile, good credit companies continue to show solidity and, some of them, they achieve important placements: in recent days they were successful YPF, Arcor and Pluspetrol.
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