The economy got $ 173,885 million in the last tender in June

The truth is that, at least until last Thursday, the Treasury had not needed financial assistance from the BCRA to meet its June expenses thanks to the month’s high debt placements. Strictly speaking, on Friday 11, the Economy returned 2,200 million dollars to the Centrale in temporary advances, but seven days later the entity that presides Miguel Pesce He transmitted the same amount for the same concept, leaving a neutral monthly balance. However, official sources have not ruled out that this week a request for monetary assistance is necessary to meet the payments of the Christmas bonus and the retirement of the next few days.

In any case, so far this year the government has managed to exceed its target of reducing BCRA aid to the treasury. In the budget, Guzmán proposed to cover 60% of the deficit with monetary issues and 40% with debt. According to official data (June 23), the proportion of each of the financial sources was exactly the opposite: 40% of issuance (240,000 million dollars) and 60% of debt (356,000 million dollars). The official intention is to minimize the injection of pesos into the economy on the assumption that greater liquidity would put pressure on the dollar. Due to the increase in expenses and important deadlines (especially in August, when they will be around $ 500,000 million), the coming months will be more difficult for official strategy.

“Today’s result allows us to consolidate the financing of the Treasury in the local capital market at sustainable rates which also allow predictability in the execution of the financial program and respect the composition of the financing foreseen in the 2021 budget” , said the finance secretary, Mariano Sardi, after auction.

Specifically, the Treasury received 741 offers, a number that Sardi has established himself as a sign of participation from a wide range of investors. On the market, they speculated with a significant participation of the banks, which from this month have the possibility of migrating the required reserves placed in Liquidity Bills (Leliq) towards government securities with a duration of between 180 and 450 days. Last week there was a disarmament of Leliq for around $ 46,000 million, although this Tuesday there will be another auction of these letters issued by the BCRA from which pesos could also come out to sign the appeal. Finance offers since both are settled Wednesday.

Within securities offered by the Treasury, the three that were set in the new reserve regulations captured a total of $ 96,602 million. This is the new Ledes (fixed rate) at December 31 which will pay an annual nominal interest of 40.77%; Lecer (linked to inflation), which will expire on the same date and pay a real rate of 1.61%; and Lecer as of June 30, 2022, with a real return of 2.35% (above the 2% that paid the bills at one year). The rest went to the reopening of Ledes on October 29 ($ 30,501 million) with a rate of 39.39%; the variable rate bill that expires the same day ($ 16,386 million) at 39.51%; and Ledes as of November 30 ($ 30,366 million) with a rate of 39.97%.

The 3.3% marked by the CPI for the month of May, three tenths lower than expected, allowed Finance to reduce the percentage of indexed debt in the total amount placed in this operation, as reported by Ámbito: this time, they accounted for 40% of what was achieved, while in the first two calls for tenders in June, they were on average 80%.