Colocación de bonos: Una de cal y una de arena

Finalmente pudo hacerse la colocación del BONAR 24, que se intentó a fines del año pasado, comenta un informe de la consultora Quantum. Se nota que técnicamente fue mejor preparado que en aquella oportunidad, en particular porque se hicieron tanteos y aproximaciones previas al anuncio y se evitó salir con […]

Finalmente pudo hacerse la colocación del BONAR 24, que se intentó a fines del año pasado, comenta un informe de la consultora Quantum. Se nota que técnicamente fue mejor preparado que en aquella oportunidad, en particular porque se hicieron tanteos y aproximaciones previas al anuncio y se evitó salir con un precio fijo.

Para atraer inversores sin bancos participantes, la concesión por colocación fue de casi 3%, un costo superior al de una colocación tradicional contemplando agentes.

En términos generales, puede leerse como una buena noticia, porque ayuda a mitigar el efecto negativo de la restricción externa y en segundo lugar muestra el apetito que de alguna manera existe en el exterior por papeles argentinos, más allá de riesgos de corto plazo.

Todo dólar que pueda conseguirse es bueno cuando el déficit de divisas es de la magnitud actual. Pero el monto finalmente colocado representa apenas 3 meses de ventas de dólar ahorro (sin ajustes en paritarias) o el 10% de los atrasos comerciales por importaciones y las utilidades y dividendos retenidos.

En relación al segundo punto, más allá del default parcial, los inversores siguen ponderando los buenos rendimientos de la deuda argentina de mediano y largo plazo (9% anual en dólares), difícil de encontrar en el mundo en el contexto de tasas internacionales bajas.

Por otro lado, la reacción de los holdout fue instantánea, así como el llamado del juez Griesa a una audiencia para evaluar las implicancias de la operación de colocación en el marco del juicio. En la transcripción de la audiencia quedó clara la actitud del juez, que pone el foco en el desacato en el que está el Estado argentino con el incumplimiento de la sentencia y en el abuso en el que podrían incurrir quienes asistan en la estrategia a Argentina. Sin embargo, según los abogados del Deustche Bank, éste no estaría obligado a dar información de sus clientes de operaciones efectuadas fuera de New York.

Los demandantes tratan de ampliar la ejecución de medidas a los inversores de New York (¿y Londres?) que hayan participado de la colocación referida o en futuras que se pretendan hacer. En un contexto de incipiente escalada de las partes, se vuelven a reabrir las preocupaciones sobre las implicancias de custodias en el exterior y otras cuestiones que pueden obstaculizar futuras colocaciones argentinas.

Como señal adicional, es destacable la reciente colocación de YPF por USD 1.500 millones (y las ofertas recibidas que fueron casi 7 veces el monto colocado), mostrando el apetito internacional por activos financieros argentinos, más allá de movimientos particulares de corto plazo.

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¿Se viene un "veranito" cambiario y de consumo?

Vie Abr 24 , 2015
En medio de una acuciante escasez de divisas y persistente deterioro de las finanzas públicas, las colocaciones de deuda en dólares tanto del gobierno nacional como de YPF, trajeron algo de aire fresco en los frentes externo y fiscal, según un informe del Banco Ciudad. Aprovechando un contexto externo favorable […]

Colocación de bonos: Una de cal y una de arena

tiempo de lectura: 2 min