Economy Faces 20 Trillion in Maturities in September

The government will face maturities in September amounting to nearly 20 billion pesos. In the first half of the month, there are obligations of 8.4 billion pesos, and in the second half, 12.35 billion pesos. In the first auction call on September 9, the Ministry of Economy needs resources to meet maturities of 4.31 billion pesos in LECAPs and 3.83 billion pesos in Duals. The market is awaiting the strategy from the Treasury Secretary for the rollover. In recent calls, the government has renewed what was due or slightly less, releasing 500 million pesos in August. The Treasury seeks to balance the interest rate and the exchange rate, prioritizing short-term placements. The spread between dollar-denominated and local bonds has compressed by 120 points, indicating a lower perception of risk. Portfolio Personal Inversiones reports that the average yield of the fixed-rate curve until November has decreased from 27.6% to 26.6%. Inflation-linked bonds have also improved, with securities maturing until 2026 yielding an average of CER + 2.7%. PPI suggests a preference for CER coverage in the short term and highlights TMVE8 as an alternative for those looking to add duration. Rates in pesos are approaching the operational floor of 20% TNA, with the one-day repo at 21% TNA and the interbank repo rate close to 20% TNA. The Ministry of Economy will announce the conditions for the first call of the month, and a new bond swap is not ruled out.

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