The financial market woke up enveloped in a rarefied climate. After uncorking with the unstoppable rise of dollar bonds from November to last Wednesday, The city will begin receiving the first information requirements from the National Securities Commission (CNV) this Mondaythe body in charge of investigating whether there was a leak before the announcement of the debt buyback by Sergio Massa.
Notifications sent to more than 10 brokerage houses aim to obtain data on what happened before and after the announcement.. Suspicions fall on the sharp increase in traded volumes in some bonds on Monday and Tuesday, before the measure made official by the Minister of Economy through a recorded message, transmitted on Wednesday at 10 in the morning. But the magnifying glass is also on in recent months.
“We had already gathered information from the previous days and the files were put together from (Massa’s) letter and today the prescriptions are out in a significant volume to brokerage firms, asking about the deal not only in the last few days but in a longer period to detect anomalies, you have to see the bigger film,” stressed sources close to the investigation.
The CNV is interested in knowing who are the natural persons or investors who have operated, its client file or account, the reasons for the transactions, ownership, the relationship between the brokerage firm and the client and whether it is part of an economic group. The goal, they say, is to check whether there has been “inside information” and “speculative maneuvering”. around financial dollars (CCL and MEP), which are managed through bonds.
Without stopping the acquisition of dollar bonds, Massa sent a letter to the head of the organization, Sebastián Negri, on Friday, asking him to open a summary and investigate both figures contemplated in the capital market law, including possible beneficiaries. It was after the opposition warned that power-friendly officials or businessmen might have benefited from the bond purchase.
The idea of the authorities is to collect the information to dispose of it before the cause which is tried in Federal Court No. 6 of the Municipality, without excluding the possibility of presenting themselves as plaintiffs. and in one in the second instance, calls from natural persons will be analysed to a hearing and the intervention of the Securities and Exchange Commission (SEC), the regulatory authority for the US markets, with which “consultations back and forth” are already underway.
Currently, the requirements did not have a significant impact on the market. In the early hours of the conference, the Central Bank continued to make purchases of GD30, the bond most used to operate with CCL. “People keep buying and selling dollars. Some won’t work but I see everything works the same,” an operator said. “It doesn’t seem to have affected so far”, observed another broker, although he acknowledged that it could put off some investors.
Today, trading bonds for finance dollars accounts for 50% of the activity of brokerage firms. The remainder is divided into stocks, other bonds and cedars (shares of companies listed in the United States). The Government recognizes that these are mostly “legal” operations, but the truth is that CCL and MEP were in the crosshairs after having recorded increases in recent weeks, after the rise of the blue, which last Tuesday reached $378 .
“Many times we do not know who the final beneficiaries are because the operation takes place abroad, the CNV does not arrive, This is an opportunity to shed light on an operation that sometimes affects inflation and devaluation expectations, these are maneuvers that are worth analyzing and seeing if there is a violation of the law, evasion or money laundering and informing the Justice, the Afip and FIU”. familiar with the investigations he said.
The minister explained last week that the objective of the $1,000 million debt repurchase was to reduce country risk, although from his own portfolio they also acknowledge trying to contain the dollar. Until now, the Central Bank has allocated US$ 130 million for these operations, without so far achieving a substantial change in the financial climate. The bonds, in fact, closed Friday with average losses of 2% and the parallels, higher, at 352 and 362 dollars.
NS
Source: Clarin
