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Argentine Central Bank holds now one of the most sought bonds: Central Bank Securities (NOBAC, its Spanish acronym) at variable rate, which produce more than short-term indexed post-default bonds.
That's why, during LEBAC (Central Bank Bills of Exchange) and NOBAC tender, the entity had no problem in raising the ARG$1.2 billions needed to cover those bonds' expirations, including maturities of LEBAC in dollars for $17 millions.
Bank, company and public bids summed ARG$1.47 billions, out of which, ARG$ 1.26 billions were accepted by the monetary authority. More than 60 per cent of bids, ARG$768 millions, were made on NOBAC bonds adjustable by private bank BADLAR rate. The latter settles at a very high level, 8.75 per cent annual, and arises from average paid by entities to 30-day time deposit savers. Variable coupon NOBAC pays BADLAR rate plus a surcharge. Moreover, Central Bank took $17 millions in LEBAC in dollars to settle maturities in currencies.
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