With eight days to go to the end of the year, Argentine businesses are continuing the recovery path they have been trying in recent weeks. The Argentine titles on Wall Street, which rose sharply on Tuesday, jump more than 2% past noon and this claims the porter bagthat after a wheel of a few trips due to the activity restricted by the holiday, +3% from the beginning.
Meanwhile, dollar-denominated bonds are also on the rise and continue the positive rally that started weeks ago. Bonar 2041 jumps almost 4% and drags almost all the titles entered in the 2020 change.
Over the past month, all dollar bonuses show improvement and prices have returned to the values they had in May of this yearbefore the debt crisis in pesos and spare parts to the Ministry of Economy.
This way, they already thread their file eighth go up the wire and Argentine debt rises by more than 42% on average from the lows which they reached in October.
In a report for its clients, PPI analysts highlighted the reasons for this recovery as “improving global debt conditions, corporate demand for cover excess pesosyear-end seasonality due, among other things, to the photo of personal property”.
Analysts at Delphos noted: “Bonds appear to be facing a more challenging global environment in the near term, with global interest rates moving sharply higher in recent days. We don’t believe this move is structural, on the contrary. “.
In this sense, they stated: “We maintain the constructive view on Argentine debt in ‘hard dollar’ (New York law), with the first objective of reaching the trading area in which Argentine bonds operated during the first 5 months of the year “. Country risk is adjusted to 2,124 units.
On the stock exchange, the papers of Argentine companies are also feeling this positive impulse. On Wall Street, with Tenaris in the lead gaining more than 3%, all ADRs are up. On the Buenos Aires Stock Exchange, the Merval leaps by 3% and manages to overcome a new historical nominal maximum by exceeding 177,000 units.
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Source: Clarin
