The euphoria that La Scaloneta arouses seems to have reached the financial market. While Argentine stocks and bonds rallied sharply in New York, in Buenos Aires alternative dollars fell back to their levels of a week ago.
The blue dollar fell four pesos and ended at $312while the MEP dollar traded on the Buenos Aires stock exchange yielded seven pesos a $322.35. Who was sold the cash box, the one that companies use to dollarize $332, a drop of five pesos a day.
Alternative dollars ran hot last week amid the rollout of the soybean dollar, which allows exporters to liquidate their shares at a better price and spills pesos on the rest of the chain. This release of pesos to the market has led producers to dollarize their portfolios, which partly explains the rise of Blue, MEP and CCL in recent days.
The brake on the escalation of alternative dollars is also linked to two specific events. On the one hand next Wednesday’s Economy race, where Sergio Massa has to go out and find himself 400,000 million dollars to cover this week’s rollover of maturities.
After a couple of weak operations, where not all the maturities of the month were covered, the Ministry of the Economy announced that They have already agreed with banks and institutional investors to roll over that $400,000 million.
This perception that at least temporarily the Government will be able to cancel the maturities has helped to reduce the pressure on the dollars.
To this was added that between this week and next the companies have to pay bonuses, which leads her to part with dollars to raise the necessary pesos.
Achieved soy dollar liquidations 68 million dollars this monday. This time the Central Bank managed to buy 70 million dollars and for the first time he pocketed more dollars in a wheel than soybean farmers were liquidating.
Last week, with just three working days, soy was in 626 million dollars. Since the inception of soybean 2 dollar on Nov. 28, the soy complex has been accumulating sales for $1.423 millionsy BCRA acquired in the same period 763 million dollars.
From Aurum Valores they note that “it is the first time that the BCRA buys currency in the normal Single and Free Foreign Exchange Market (MULC) when the soy dollar is in effect (it did not happen in September either). Soy dollar purchases are been the most downgrades of this version”.
“It is striking that there have been purchases in the MULC given the late payment of imports. It could be related to a further tightening of import payments (because of the small amount of soybean dollars that came in) or even that official or provincial organization dollars came in to enter this week’s race for bills and help the debt roll over.”
The shares are up
Wall Street-listed Argentine stocks started the week with strong gains. The largest increases were for Transportadora Gas del Sur with 9.7% and Cresud with 9.3%.
Bonds also had a positive momentum with hikes of up to 3.9% for dollar-denominated stocks, such as the AL 29.
The rebound in government bonds led to country risk falling by 3.4% and stabilising 2264 basis points. This is the lowest level for this measure, which measures how expensive it would be for Argentina to issue dollar-denominated debt, since June 22.
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Source: Clarin
