The Ministry of Economy obtained financing for $647,026 million during the first five months of the year, which implied a refinancing rate of 122%.
This result was achieved after the National Treasury faced debt maturities of $922,180 million in May and placed bonds for an effective value of $996,266 million, with an additional stock of $74,086 million, which implied a refinancing rate of 108%, reported the portfolio that Martín Guzmán drives in a release.
so far this year, 56% of placements corresponded to fixed rate instruments; 42% to CER-adjustable instruments; 1% to dollar-linked instruments; and 1% at a variable rate.
Furthermore, in line with the policy of deadline extension, the May broadcasts reached a weighted average term of 35.4 months (+18.7 monthly). Meanwhile, for nominal instruments, the weighted average term reached 4.54 months (+0.1 monthly), while for those adjustable by CER it reached 15 months, in line with the average of the year’s issues.
In relation to the emission rates, Placements for the month showed a monthly increase for nominal instruments and a decrease for CER instruments, reaching a weighted average annual effective IRR of 60% and -0.7%, respectively.
The stock of public debt in local currency showed a monthly increase of 6.8% (+ $677,342 M), explained by the 8.1% increase in CER-adjusted instruments (+ $673,518 M) and 0.2% in nominal instruments (+ $3,825 M). Dollar-linked instruments showed an increase of 1.8% (+ 95 M).
Projected maturities for the rest of the year amount to $3.6 billion. 57% corresponds to private creditors and 43% to public creditors. Considering the maturity profile by rate type, 67% is represented by CER-adjustable instruments, 26% by fixed rate, 5% by linked dollar, and the remaining 2% by variable rate.
The stock of debt shows a slight increase of 5 pp in the share of CER-adjustable instruments so far this year. Regarding the maturity terms, a dynamic of greater short-term participation is seen in 2021, which is reversed in the first months of 2022 with the growth of the participation of medium and long-term debt.
The Market Makers In April, they awarded an effective value of $203,719 M (+9% monthly) in the first round and $56,027 M (+250% monthly) in the second round of eligible species.
