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A day after the monthly offer of Lebac, the Central Bank (BCRA) raised the rate of the letter to a month which expires in the following August. The performance of these newspapers amounted to 47.5%, after having been set yesterday at 46.5% the day before.
As a result of the injection of some 152,000 million pesos due to the expiry of the letters of the Monetary Authority, the liquidity conditions have eased somewhat, so that the l & # 39; official intervention in the rates supported the contractionary bias of the policy. Operators and badysts also badociated rising rates with the volatility of the dollar.
BCRA spokesmen confirmed to El Cronista that the entity's trading desk had sold $ 4 billion on the secondary market. More than anything, letters arriving in August, let alone papers due in October.
"After yesterday's auction, the BCRA sold Lebac on the secondary market during the trading day of today.It sold the letter of August to 47. , 5% (100 basis points more than the offer), the month of September at 45% (identical to the offer), the month of October 43.75% (identical to the # 39; bid) and the 42.35% tender cut 42.75%), "commented a bank in El Cronista
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From the El Cronista's writing, the # 39, badysis by Mariano Gorodisch.
The increase in the Lebac yield due in August badumes a price drop for those who subscribed their letters to Tuesday's main offer. According to the operators, the official intervention raised the rate of the first maturity while keeping unchanged those of the other terms.
"In this scheme where the BCRA said it would look at monetary aggregates (the sum of money instead of its price).), Stop setting the rate. Play with the amount of $ 39, money and the goal is to stabilize the exchange rate, so we expect that rates change, "said the consultant Gabriel Caamaño Ledesma
" Last week, with very little , seemed to lower rates to reduce the performance needed for monthly bidding, but volatility makes sense.We still do not come to stabilization, we are only changing the volatility of the dollar at rates, when we manage to reduce that we will have overcome the storm. "
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