Argentina achieves 118% roll-over: the keys to a “good tender”, according to analysts

Buenos Aires – The Ministry of Economy of Argentina raised $416,456 million in the first primary tender of the year and thus obtained a net indebtedness of $64,132 million, given that $352,324 million expired. That is, he obtained a refinancing of 118%.

Nevertheless, this positive financing still does not cover all the maturities of the month: on January 27 there will be a second tender, in which the Treasury will have to face payments of $105,000 million and will also seek to obtain something extra.

The Treasury was able to show a positive result in the first tender of the year”sustained a report from the consultancy Delphi Investment. “However, the process of concentrating pre-electoral maturities continues,” said the firm.

Meanwhile, since Group SBS they maintained: “We consider that it was a good tender, given that we estimate that most of the maturities were in private hands after the exchange at the beginning of the month”.

Too Facimex Values considered that it was “a good result” considering that a large part of the maturities were in private hands.

Meanwhile, the director of the consultancy ledesma, Gabriel Caamano GomezHe warned: “The rate paid in April was higher than that of the secondary market and the Lelite that was placed in February (short) explains almost all the net financing”.

And he added: “There was also a bond for reserve requirements (captive demand) and a bond and linked dollar bill. Without those, maturities were not covered”.

Tender Results

56.9% of the demand was addressed to Ledes, 16% to the new dollar letter linked to October, 13.7% to Lelite, 8.2% to the TB27 bond and 4.1% to the read X19Y3.

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The Nominal Annual Rate (TNA) validated for the LEDe as of April 28 was 82.87%, lower than the 84.01% of the last tender in December, although the Effective Annual Rate (TEA) increased to 111.3% from 110.1%. The TEA validated for Lede as of May 31 also increased since the last tender (112.7% vs. 110.1%).

Result of the tenderdfd

Result of the tender

The average term of the placement was 262 days, although excluding the TB27, it was 128 days.



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