Thursday , May 6 2021

Today, the Lecap Contest. Do they agree or not?



Market appearance will be included in this competition. This is a test whose result will show the predisposition of investors, individuals and professionals to continue taking argentine sovereign risk, in documents to be saved, enhancing the election calendar.

For some, from a technical point of view, the best external climate and the greater foreign currency offerings on the local market have opened a window of about two months to expand part of the portfolio in portfolios. But never more than 30% of the total number. Lecap, which is being offered today, is considered to be a good investment destination for local currency. As long as the auctions resulting from the auction outstand 53% that they offer on the secondary market.

In the case of letas, financial advisers generally consider them to be adequate for the dollarized portions, although they warn that there was an unexpected competition with Bonar 20 (AO20), which fell sharply last week and left with IRR. 15.23%. Or Bonar 24 (AY24), which today brings 13.67% annually.

Financial analyst Christian Buteler estimates that the Lecap rate will be 50%. For ponders (30%), see appropriate options such as Lecap or CER bonds. But it warns of the risks: "The dollar will have more bids (field + treasury), but close proximity can also boost demand. More than once it has been shown to recover the 3-month performance in just one week."

Gustavo Neffa, Managing Director of FinGurú, believes that the reduction rate should be 53% if it suits the secondary market. "As always, a bit bigger, I estimate that it will be 55% .I think we have again reached a high rate, and BCRA is trying to lower this month very slowly until the dollar is released. Portfolio, you Lecap are more than attractive.

For Fernando Camusso from Rafael Capital, "if you look at the rate of the body that could get the same instrument with the closest possible time (84 days), we must say that it is a job, as it can reach 53% of TNA, Considering the fact that Guira Sandleris BCRA has set a reference rate in April, this dynamic will remain, but the problem is the exchange rate volatility and the medium-term driver for the dollar. Even if the inflow of soybean dollars and treasury can sell $ 60 million a day, this offer is enough, so the only way to deal with that position in Lecap is to set the maturity royalties curve for the same period, trying to make an agreed rate and clear the exchange effect, otherwise it is desirable to go through the competition and go through the secondary market for Lecap shorter. "In addition to these considerations, the data to follow is the percentage of renewal. Suggering, perhaps predicting a less favorable outcome, the State Treasury on Friday reported that the combined 67% stake and Lecapa's role was sufficient to cover 2019 and those in the next year.


Source link