Argentine dollar-denominated bonds continue their rally. This Wednesday, a few minutes after the announcement by the Minister of Economy, Sergio Massa, on the decision to allocate US$ 1,000 million to buy back sovereign debt and thus support country risk and the exchange rate gap, dollarized bonds increased their hike in New York.
The Global 2029 bond, the one with the shortest duration and one of those mentioned by Massa as the target of the purchases that the Central Bank will carry out on behalf of the Treasury, jumped 11.44% just before 10 in the morning in Argentina. Global 2030another of those mentioned, it jumped 11.11% in dollars in minutes.
The entire curve of global dollar bonds, those governed by the courts of New York, has shown increases. Global 2035 was up 10.37%, Global 2038 was up 7.59%, Global 2041 accompanied by 6.22% progress and Global 2046 was only up 8.42%.
The economy minister announced the government’s decision on Wednesday open a “process of repurchase of Argentine external debt of more than 1,000 million dollars” with the aim of calming the markets, in the midst of a sustained rise in the dollar in parallel markets which hit a new nominal high yesterday.
“We have seen a drop of a thousand points or more in country risk in Argentina and it’s a window. That is why we have decided today to start a process of repurchase of Argentina’s foreign debt worth more than one billion dollars,” Massa said.
And he added: “We have taken the decision in a joint resolution of the Ministry of Finance and the Treasury to entrust the Central Bank, for greater transparency, with carrying out this buyback process on behalf of the Treasury to continue reducing country risk, which improves the possibilities of Argentine companies and the Argentine state to access the capital market”.
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NS
Source: Clarin
