{"id":41343,"date":"2025-01-30T11:20:43","date_gmt":"2025-01-30T14:20:43","guid":{"rendered":"https:\/\/www.bancocmf.com.ar\/cmf-pre-market-30-01-25\/"},"modified":"2025-01-30T11:23:34","modified_gmt":"2025-01-30T14:23:34","slug":"cmf-pre-market-30-01-25","status":"publish","type":"post","link":"https:\/\/www.bancocmf.com.ar\/en\/cmf-pre-market-30-01-25\/","title":{"rendered":"CMF PRE-MARKET 30-01-25"},"content":{"rendered":"\n<p><strong><em>El Tesoro supera enero sin problemas<\/em><\/strong><\/p>\n\n\n\n<p><em>En los \u00faltimos meses del a\u00f1o pasado, el mercado miraba con atenci\u00f3n los vencimientos del Tesoro en enero y se preguntaba si Finanzas tendr\u00eda una dif\u00edcil parada. Sin embargo, luego de dos canjes y dos licitaciones exitosas, el Tesoro logr\u00f3 superar el primer obst\u00e1culo del a\u00f1o sin problemas. La prudencia estuvo a la orden del d\u00eda, con dep\u00f3sitos del Gobierno en el BCRA subiendo a $12,3 billones para fin de a\u00f1o 2024, por las dudas de que el mercado no respondiera de la manera que se esperaba. Si bien Finanzas contin\u00faa pagando leves premios sobre mercado para poder estirar duration, el costo marginal parece ser insignificante para lograr dicho objetivo. El perfil de vencimientos para 2025 luce m\u00e1s sostenible que hace un mes atr\u00e1s, incluso a\u00fan pensando en una potencial demanda reprimida de d\u00f3lares. <strong>En caso de que la Secretar\u00eda de Finanzas mantenga esta performance y el Gobierno logre obtener financiamiento, los riesgos de una salida del cepo se acotan significativamente, aunque insistimos en que el Gobierno tomar\u00e1 una postura gradualista con respecto a ello.<\/strong><\/em><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mercado de cambios:<\/strong> el BCRA contin\u00faa su <em>crawling peg<\/em> del 2% mensual y el FX mayorista abre la jornada en $1.050,5.<\/li>\n\n\n\n<li><strong>Licitaci\u00f3n del MECON: <\/strong>el Tesoro coloc\u00f3 deuda por $6,6 billones en la licitaci\u00f3n de ayer, logrando un rollover de privados superior al 50% y total del 75%. Se adjudicaron $1,6 billones entre las LECAPs a marzo y abril, a 2,4% y 2,26% TEM, respectivamente; $4 billones del BONCAP a enero 2027 a 2,05% TEM, y $0,6 billones del Boncer a marzo 2027 a 7,7% TEA. El canje, por su parte, tuvo una adhesi\u00f3n de $1,2 billones y la LECAP a noviembre 2025 se adjudic\u00f3 a 2,2% TEM.<\/li>\n\n\n\n<li><strong>Saldo en el MULC: <\/strong>el Banco Central vendi\u00f3 ayer USD 18 MM en el MULC, por lo que el acumulado en lo que va del a\u00f1o desciende a USD 1.517 MM.<\/li>\n\n\n\n<li><strong>Contexto internacional: <\/strong>la Fed mantuvo sin cambios la tasa de inter\u00e9s de referencia en zona de 4,25%-4,50%, tal como esperaba el mercado. El <em>wording<\/em> del anuncio fue percibido como <em>hawkish<\/em>, dando a entender que la Fed mantendr\u00e1 tasas altas por m\u00e1s tiempo, principalmente porque el mercado laboral se mantiene \u201cs\u00f3lido\u201d, y la inflaci\u00f3n se sostiene \u201calgo elevada\u201d. Hoy, la curva del Tesoro responde a la baja en casi todos los tramos de la curva, mientras que los commodities caen, a la vez que el d\u00f3lar se debilita levemente contra las monedas desarrolladas.<\/li>\n<\/ul>\n\n\n\n<p><strong>Este informe ha sido elaborado a t\u00edtulo informativo. El presente NO debe ser tomado como una recomendaci\u00f3n o instrucci\u00f3n, y no reviste car\u00e1cter de ofertas de productos y\/o servicios ni solicitud de orden&nbsp;de compra y\/o venta. Banco CMF S.A. no ser\u00e1 responsable por ning\u00fan error y\/u omisi\u00f3n del contenido.<\/strong><\/p>\n\n\n\n<p><strong><em>Copyright \u00a9 2017 Banco CMF S.A. All rights reserved.<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Tesoro supera enero sin problemas En los \u00faltimos meses del a\u00f1o pasado, el mercado miraba con atenci\u00f3n los vencimientos del Tesoro en enero y se preguntaba si Finanzas tendr\u00eda una dif\u00edcil parada. Sin embargo, luego de dos canjes y dos licitaciones exitosas, el Tesoro logr\u00f3 superar el primer obst\u00e1culo del a\u00f1o sin problemas. La prudencia estuvo a la orden del d\u00eda, con dep\u00f3sitos del Gobierno en el BCRA subiendo a $12,3 billones para fin de a\u00f1o 2024, por las dudas de que el mercado no respondiera de la manera que se esperaba. Si bien Finanzas contin\u00faa pagando leves premios [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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Sin embargo, luego de dos canjes y dos licitaciones exitosas, el Tesoro logr\u00f3 superar el primer obst\u00e1culo del a\u00f1o sin problemas. La&hellip;","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.bancocmf.com.ar\/en\/category\/pre-market-daily-close-en\/\" class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Pre Market &amp; Daily Close<\/span>"]}},"comment_count":0,"relative_dates":{"created":"Posted 1 year ago","modified":"Updated 1 year ago"},"absolute_dates":{"created":"Posted on January 30, 2025","modified":"Updated on January 30, 2025"},"absolute_dates_time":{"created":"Posted on January 30, 2025 11:20 am","modified":"Updated on January 30, 2025 11:23 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/41343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/comments?post=41343"}],"version-history":[{"count":1,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/41343\/revisions"}],"predecessor-version":[{"id":41344,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/posts\/41343\/revisions\/41344"}],"wp:attachment":[{"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/media?parent=41343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/categories?post=41343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bancocmf.com.ar\/en\/wp-json\/wp\/v2\/tags?post=41343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}