With a better mood on the market, Dujovne has renewed 80% of Letes

The Ministry of Finance managed to renew 80% of Letes' maturity, which rose to 500 million US dollars yesterday. During the third call for offers in July, Nicolás Dujovne's portfolio returned US $ 400 million in letters to 182 days, maturing on January 25, 2019 and paid 3.75%.

At the Treasury, they celebrated the renewal of a good part of the due date, even if it was not the total. Manuel Terré, an badyst at Delphos Investment, provided data on this: "In June, the turnover rate was 55%, with the three issues in July, the renewal reached 80%, which corresponds to May levels. it is well below the ratio of the January-April period, at least slightly above the June minimum. "

Letes' bi-weekly investment (to which this month was added an extraordinary call for tenders that can be subscribed in nature with Lebac) aims to finance the Treasury internally, since foreign markets are closed to emerging markets. The correct answer to the broadcast of yesterday supports this plan. "We must continue to see the next investments, to see if they manage to keep rolling instead of throwing them on the market and, little by little, reduce the stock," said Diego Demarchi, manager of management Heritage of Balanz. In the July 11 call for tenders, in the issue closed yesterday, the Ministry of Finance had guaranteed a maximum price and a minimum rate of 3.65% for Letes. Eventually, he ended up paying only 10 basis points above this floor since the issue was made at a rate of 3.75%. The performance was lower than that expected by badysts of the previous, which estimated the rate of 4.5% taking into account the latest offers and the curve of the secondary market.

To find a return similar to the one validated yesterday, we must go to the tender of June 26, where the letter to 105 days (almost half of the delay of yesterday ) paid 3.69%. "It was possible to renew at a lower rate, this is auspicious, which means that they want to lend to Argentina at a lower spread." In general, it seems that the foreign exchange market is calmer in the $ 28 zone and has also helped the international context improve a bit, as the S & P seeks to exceed its historical highs, "said Alejandro Bianchi , investment manager at InvertirOnline.com

Some investors have asked the Treasury for a higher rate, which has opted for the rejection of offers to avoid, validate these returns.A total of 6497 purchase of US $ 486 million, of which US $ 400 million was awarded The Treasury favored retailers, who received everything they offered, but prorated the orders of the competitive section at 55.57%.

The guarantee strategy of a minimum rate debuted in the July 11 offer, in which the Treasury had put a floor of 4% and 4.50% for the letters at 210 and 378 days, respectively.In spite of this, he had to validate a tau x 5.5% for the longest tranche and renewed only 42.83% of the maturity of 1.2 billion US dollars.