In the middle of the bleeding of the Central Bank and at the beginning of a key wheel, where the Treasury seeks, on the one hand, to renew maturities in pesos and, on the other, banish fears of a devaluation, Luis Caputo hurried an announcement about the amount agreed with the Monetary Fund for the agreement that will end up signing next month. The exchange front responded cautiously: While financial contributions fall, the blue dollar is still obtained in the street above $ 1,300, at $ 1,305.
At the opening of this Thursday’s wheel, The financial dollar goes back slightly: the MEP dollar drops 0.2% to $ 1,293.40; While the CCL falls 0.8% and operates at $ 1,289.70.
In this way, they erase part of the rise they had registered on Wednesday, on a day that was marked by the fall of the future dollar and the expectation for The debt tender on Thursday.
Next Monday the government has maturities for $ 9.2 billion. To cover them, it will offer investors a series of bonds, among which they stand out Two title options tied to the dollar. The market look is set on those bonds. They are the same as in February and March the Ministry of Economy declared deserts due to lack of interest.
The play served to decompress the future dollar, after several hot wheels. “The inclusion of two Dollar Linked with expiration three and ten months in the menu would seek contain demand for exchange coverage to the out of anchor devaluation expectations To prosecute the course of the exchange scheme, “they said in PPI.
Like Wednesday, This Thursday most contracts for this year fall and now the market sees a dollar of $ 1,372 by the end of this year.
“Today’s tender will serve to evaluate the appetite by the Dollar-Linked bonds, in a context where eThe market has lost clarity about the exchange frame for the coming months. The announcement of the minister, prior to the tender, tries to anchor expectations. The rates of future local future have been compressed, incorporating more marginal changes in exchange policy as a base scenario, “they commented at the beginning of the wheel in Max Capital.
“The minister mentioned that reserves would grow to US $ 50 billion, suggesting a high level of initial disbursements, and arguing that this would serve as support for weight. However, He did not give details regarding the intervention mechanism or the goal of net reserves, Two variables that determine the degree of freedom of the government to intervene in case the exchange pressure is high, “they added.