Monday , November 30 2020

The Government managed to renew 77% of Letes expire this week

Still part of the Government's financial program, the Ministry of Finance expired to a new tender of Treasury Measures (Installations) in dollars. In return for An interest rate of 4.75%, the portfolio directed by Nicolás Dujovne awarded a total of USD 850 million, which is equivalent to 77% of the end of USD 1,100 million this week.

One of the main columns of the Cambiemos financial program is to secure a refinancing of 60% of Installations to the end of the agreement stand-by or USD 57.100 million. In the vision of the Government's economic wing, Arriving to the "register" above is higher than the 60% figure providing error margins That would allow to use those money to fund some future liabilities.

The letters presented today will end in June 2019, and at that time it is expected that the Government's financial foretold will be more certain than current ones.

In conjunction with Over-compliance with financial targets, by Hacienda understands that the pressure of agreements of 2020 will be recreated. With a contribution of 7,600 million USD expected within the next few days and refinancing over 60%, the Treasury would avoid going out to seek new funding in the markets in the first remainder of the first season of Mauricio Macri.

Y The next government test on Letes is the maturity that ends in January and February next year, which equates to USD 2,000 million and USD 2,200 million respectively.

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