Business Editorial

Excluding the placement, about half of the FF placed in the last month, $ 410 million, were issued by retailers that securitized personal loans.

“The rest was divided into similar parts between financial institutions, $ 214 million, in addition to consumer loans securitized title loans, and mutuals, cooperatives, radio non-bank credit cards and other financial service providers ($ 205 million),” explains  the Central Bank’s Monetary Report.

Also, the official analysis says “a business of agriculture securitizes commercial loans of $ 4.5 million.

On the other hand, include experts from Central “by excluding FF aimed at financing infrastructure, we see that the amount placed in July, $ 850 million, below the monthly average recorded over the  year ($ 930 million). “

In particular, this amount represents a decrease of 24% over the previous month, which reflects the least amount of emissions in the month (15 operations, 5 less than last month) because the average amount was maintained by placing  about $ 55 million.

Higher borrowing costs
In line with what was observed in the rest of the financial system, the monetary authority in July found that “interest rates cut senior titles awarded in pesos at a variable rate showed an increase, especially those placements made between  12 and July 19, coinciding with the timing of rate hike short-term interest. ”

Thus, the cut rate (weighted by amount) of securities of smaller duration reached in July to 14.6%, one percentage point higher than that recorded the previous month.

Official report concludes here that “due to the longer-term assets backing the issue of the duration FF infrastructure (weighted by amount) of senior titles in July stood at around 50 months, compared to 6 months  in June.  However, excluding such issuance, the duration goes around that term. “

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