The new Economy Minister, Sergio Massa, will have a great challenge this month: to convince the holders of Treasury bills and bonds in pesos for an equivalent of some US$15.6 billion, which mature within the next 90 days. , that they postpone their collection aspirations until June or July 2023. According to the head of the Treasury Palace, he would already have the approval of 60% of those debtors, which coincides with the percentage of ownership of public banks and state agencies , according to private calculations. The remaining 40% is purely private, made up of banks, mutual funds, insurance companies and other smaller investors.
Data from the Ministry of Finance indicate that in August there are maturities for $546,992 million; in September for $1.07 billion and in October for another $515,645 million. Half of them are listed as intra-state and the other half as private. But strictly speaking, estimates made by market operators show that these proportions vary a little because a part that appears as private is actually public.
In the market they evaluate that of the proportion of debt in private hands, 50% (25%) belongs to the banks and of them, 12.5% are public financial entities, which are grouped in the Association of Public Banks and Private of the Argentine Republic (ABAPPRA) that ensure great participation. Adding then the intra-state debt and this group of financial entities, the Ministry of Economy already ensures a 62.5% renewal. They would have to convince the Common Investment Funds (which have 9%), insurance companies (8%), offshore investors (3%) and corporate and others (8%) to enter.
For this, operators consulted by Ámbito, said that a special offer is required. They argue that investors currently have the ability to stretch their maturity profiles in secondary markets, but they are not doing so. The question is why they would do it in the framework of an exchange made by the Government.
Thus, it is speculated that Sergio Massa intends to take the commitment horizon for June or July of next year.