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© Reuters. Argentina places debt for 1,785 million dollars in three auctions
Buenos Aires, Dec 28 (.).- Argentina placed on Wednesday in the domestic market Treasury bills in Argentine currency for a value of 326,610 million pesos (about 1,785 million dollars), official sources reported.
As specified by the Argentine Ministry of Economy in a statement, Treasury Liquidity Bills maturing on January 20 and an annual nominal rate of 69% for 51,304 million pesos (about 280.3 million dollars) were placed in the operation. .
Likewise, Treasury bills maturing next April and an annual nominal rate of 84.01% were placed for 185,825 million pesos (1,015 million dollars).
Treasury bills maturing in May 2023 and a yield of 87.02% for 89,481 million pesos (489 million dollars) were also tendered.
Today is the last of the tenders scheduled by the Ministry of Economy for this year, in continuity with the strategy of resorting to the domestic market launched in 2020 and ratified in the extended facilities program sealed with the International Monetary Fund (IMF). ), last March.
The objective of these tenders is to obtain financing to face the successive maturities of Treasury debt and, in addition, capture the liquidity of Argentine pesos and thus decompress the demand for the purchase of dollars by investors for hedging purposes.
According to sources from the Ministry of Economy, the operation on Wednesday was “successful”, ending December with a positive net financing of 700,000 million pesos (3,825 million dollars).
“In this tender, a refinancing rate of 521% was reached. The offers reached 606,000 million pesos (3,311.4 million dollars) of nominal value, almost ten times over the expected maturities,” the sources highlighted.
In the agreement with the IMF, Argentina promised to limit and gradually cut assistance to the Treasury by the Central Bank, so the search for financing in the domestic market has become even more fundamental.
As reflected in the 2023 Budget presented two weeks ago by the Government, the Treasury hopes to continue going to the local debt market next year and obtain financing equivalent to 2.7% of GDP there.
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