There is life after Letes: alternatives to dollarize the wallet

Today, the offer of Letes in dollars by the Ministry of Finance is coming to an end. The portfolio headed by Nicolás Dujovne is facing a US $ 500 million maturity that he will seek to renew. In a market that has been hit in the last 90 days by high volatility, although Treasury bills have been an alternative to dollarization, some investors still see a barrier to the liquidity shortage of this instrument: 39, a dollar today, they will expire only January 25 next year, in six months

The Chronicler has collected other alternatives available in the market, similar in term and in return, which for a reason may be more attractive for each type of investor. 19659002] The most recommended option, especially to avoid the problems of lack of liquidity are the dollar mutual funds that have left in their wallet. "Letes have a significantly higher liquidity risk than those of Lebac, in other words, it is difficult to operate on the secondary market at attractive times and prices, which is why it is is always better to subscribe The alternative is to invest in mutual funds-dollar investment that are positioned in these securities and to ensure greater liquidity when subscribing and redeeming Shares, "said Nery Persichini of GMA Capitals

.Bucks appear as an attractive option for the retail saver, while for businesses or a more savvy investor, there is a need for more money. other options. "Much more practical than lette, especially for companies, is the synthetic, what is good and bad lete? The counter is that it has good liquidity, it is convenient to buy on the primary market, but there is not much supply in the secondary, "said Mariano Sardans of the FDI. "An alternative to overcome is the synthetic, that is to say the investment in Lebac: you can enter today and leave in 5 minutes, there is total liquidity in Lebac and add futures contracts, for example: if the Lebac lasts 28 days, the future is longer term: you buy the Lebac, you buy the future for the same amount you have in Lebac and when you disarm, disarm the two together: you are selling the lebac and you are selling the futures contract, it is much more legal practice to have transient dollar balances, especially for those who charge daily and have to pay for it. import in a month or two months.You continue to take juice at the money: instead of buying the dollars already ",

Now, if the idea of ​​the investor is to maintain the instrument until the due date, there exists Other government securities in dollars that offer similar returns, with a more limited risk. "One option could be Bonar 2019, which gives a very high rate of 7.85%, but it has the opposite of having a minimum sheet of US $ 150,000, which leaves private investors," the statement said. company. market badyst María Laura Segura. "The other alternative is the 2020 Bonar, although you are already buying the risk of another government because it remains to be seen if Macri will be reelected next year and that is with the local legislation, "he added.

their positions in pesos, Letes can present a bridge to dollarized badets.