It is the second day since Sergio Massa’s announcement to buy back the debt and the bonds are far from appreciating as expected. they sink again. Doubts and suspicions leave investors totally on the defensive.
In this way, after an immediate positive reaction to the announcement, albeit with a parallel slight decline in the dollar and a strong jump in stocks, Since Thursday the red numbers have deepened, this Friday with losses of up to 2%.
Globals trimmed positions in 2029 and 2030, falling 1.7% and 1.4%, respectively. Long-term, debt falls 1.6% and 1.2% for 2041 and 2046 globally.
For its part, the Buenos Aires Stock Exchange operates with a 1.8% increase in its main index, the S&P Merval, which stood at 240,788.96 points.
And in the foreign exchange market, the blue dollar loses more positions, subtracts $4 and stands at $377 to $373.
For its part, the MEP or stock market dollar rises by 3.4% and is trading at $344.12; and cash with settlement (CCL) increases 2% and trades at $362.68.
Meanwhile, Argentine country risk lost 10 points compared to the previous day and stood at 1,928 basis points, according to the index developed by JP Morgan.
Doubts remain among investors about the reasons and cost of the government’s move. The main discussion puts the eye whether the financing of these operations, at a time when dollars are not abundant. And to that fear are added the suspicions that weigh on the fact that the latest and sustained increases in bonds were due to a maneuver made on purpose so that only a few would benefit from them.
These suspicions prompted the opposition to ask Congress to report who acquired and benefited from the purchase of these securities.
It is still too early for specialists to make an assessment. For financial analyst Christian Buteler, “bonds have risen sharply in recent months, partly due to what has happened in the region and with emerging markets in particular. Another part may have been due this information was leakedand once known comes a logical profit taking”.
Regardless of the situation, according to the analyst, even if “it’s very early – it’s only been 48 hours- know the effect that the operation that Massa wants to carry out will have“, the truth is “it’s not a good thing” the ties fall off. “But we still can’t talk about it being a bad decision,” she said.
“We have to understand that if Argentina had a lot of dollars to get out and buy back its debt, the bonds wouldn’t be worth 30 cents. They are worth it because of the shortage of, among other things, dollars that Argentina has.” she concluded.
For his part, Diego Martínez Burzako, Head of Research at Inviu, respects that old premise that governs the market which says that “you buy with the rumor and sell with the news”.
“There may have been a rumor anticipating Massa’s announcement, but I still believe the real rise in bonds is because stocks were way ahead of the rally and stocks way behind,” he warned.
NS
Source: Clarin
