CER bonds and LEDES are savings instruments in pesos that are always present in investment portfolios. What returns do they offer
Although little known and without much glamor, savers who are taking their first steps in new investments can turn to the YOU GIVE to obtain short-term returns, although they will have to learn to observe macroeconomic variables very well so that the bet is profitable.
LEDES are debt securities issued by the National state, basically by the Treasury, which are offered through a tender and a public offering, that is, they are offered on the capital market with a known value. These are bonds that have a development and expiration date.
“Today they have a primary yield of 34% or 35% depending on the time, which is from one month to three months. These securities have this particular characteristic of being short-term because the Treasury issues them to provide an alternative to the fixed term. They are short-term investments and can be entered at any time of the month, “he told iProfessionl, Tomás Busaniche, research and content coordinator for Mujer Financiera.
Currently, there are three types of LEDES, identified as SM311 that expires on March 31, there is another that expires on April 30 and another on May 30. Nominal rates vary by two points one over the other approximately.
The minimum required to invest in these bills at a minimum: starts at 1,000 pesos.
CER bonds and LEDES are savings instruments in pesos that are always present in investment portfolios
The battle against inflation
To do a simple exercise on what you would get over this $ 1,000, Busaniche He maintained that at a rate of 37% that value is divided over the months and the capital, which will allow to receive about $ 92 at the end of the three months.
Is it a reasonable return? He warned that this rate is lower than the inflation rate projected by the official budget and that of private consulting firms. However, what appears at first glance to be one thing can be quite another when viewed in conjunction with other factors. In fact, YOU GIVE they are an investment instrument that is used when building portfolios.
“The challenge for savers is how to save in an inflationary context and how to protect the purchasing power of the capital that has been saved. At first glance, this rate is a bit low compared to projected inflation and there are other instruments that can earn it other points” added Busaniche, who recalled, in turn, that public instruments must be compared with other public instruments, not private ones.
In a context of stability, that is, where the inflationary variable do not be a headache, LEDES stand as an alternative. The point is that today it is difficult to determine if the projections that are carried out both by the State and by private consultancies are correct.
Therefore, if the LEDES generate many doubts, you can resort to another savings tool issued by the State that provides better performance.
Here are the CER adjustable bonuses (Reference Stabilization Coefficient) that have the same characteristics in terms of their issuer but that keep pace with inflation, which is why they guarantee more points than the other bonds. These securities also require a minimum investment of $ 1,000, the same as Treasury bills.
“Some investors diversify in the LEDES to have some type of participation. Because the market – community of savers and investors – when it analyzes the yield, observes the inflation measurements, and when the bond yield is analyzed, it can have a negative yield because inflation it tends to leave them out of date, “explained the analyst from Mujer Financiera.
What investor profile do those who bet on these savings tools have?
As it was told. The horizon of investment of LEDES It is very short-term, which is why it corresponds to a profile between conservative and moderate “because we must not lose sight of the fact that the risk it has is the payment capacity of the Argentine State,” Busaniche warned.
And the bonds?
The CER adjustable bonus has the same characteristics because, even if it is a variable payment coupon, it can be more dynamic since inflation comes into play, which can be located above the projected, or below. “In this case it is a more moderate intermediate profile,” he said.
Tomás Busaniche stressed that there are savers who are interested in these instruments, a situation that can be seen when observing the volumes that are traded. A higher volume means that the instrument is liquid and that there is a group of investors interested in these bonds. Different is the situation if the volume is low.
Anyway, the expert pointed out that “beyond the references to these instruments what you need to know are the concepts of real profitability, for example, the expected rate with the projected inflation rate “.
Although sometimes they are not totally seductive when they are contrasted with these variables, Busaniche clarified that they are not discarded as instruments and that they are usually used in small pools within a portfolio because “if the stock market falls very strongly these bonds can help you surface. And have no more than 20% of that portfolio when it comes to a conservative profile. ”
What is convenient: LEDES or CER bonds to save in pesos?
To learn more about YOU GIVE and to know when the calls for these instruments are made, you have to pay attention to the beginning of each month. On the page of the Ministry of Economy, the relevant call for bids is reported with the Treasury bills that are about to be executed.
To enter the process, Busaniche pointed out that “you have to meet the established deadlines, go to the bid option, offer your capital to invest and calculate the rate of return on that bond. If the investor does not want to wait for maturity, he can sell that bond in the capital market although the buyer will have a lower return. It is the reason why you have to see the detail because each prospect changes, that is, how interest is paid, whether at the end or jointly to the principal. “
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