Bonds in Argentine dollars go down to 4% at the opening of this week, which adds tension to the market and pushes country risk to the brink of 2,000 basis points.
The steepest decline among the major bonds is that of Global 29 in dollars, which drops 4.1% this Monday. Other dailies also started the week down, such as the AL41 in dollars which lost 2.5%, while theThe remainder of hard currency sovereigns are down around 1%.
This pushes up country risk, the JP Morgan indicator measuring Argentine debt overrates, which this Monday adds 0.2% and reaches 1965 basis points. In this way he is once again close to 2,000 points, a record he hasn’t touched since the beginning of January.
Thus, the objective announced by Minister Sergio Massa of the allocation $1 billion repurchasing the debt to lower the country risk and therefore make credit more convenient for Argentine companies is not achieved.
From the January 18 announcement until now, the government has already earmarked 594 million dollars to this operation, according to the estimate of Aurum Valores. This deepens the outflow of foreign exchange. Thus, the net reserves, the real firepower of the Central, barely reach 3 billion dollars, which forces Massa to look for new currencies and to accelerate a loan of 1,000 million dollars with international banks.
Nor was the objective of supporting the price of government bonds achieved. «Today the securities are below the value before the Massa plan», they argue to Aurum.
Instead, the bond buyback strategy would work to anchor the price of financial dollars. This is what is happening with the MEP dollar, which is traded on the Buenos Aires stock market, which is quoted at $355up by 0.4%, while in the month it moved by just 0.1%.
In the case of cash with liquid, it decreases in this wheel by 0.5% to $369.3 and reaches the same price as in early February.
In January, financial dollars were up about 8%. In the case of the blue dollar, one peso increases to $378. So far this year collected 32 pesosbut it is still below the peak of $381 who played on 9 January.
With this, the gap against the wholesale dollar, today in $191.6, arrives at 96%
Skip of the ADR
Contrary to bonds, Argentine stocks jump as much as 6% this Monday in New York. Cresud climbs 6.2%, while YPF climbs 5.8%. The Supervielle, Galicia and BBVA banks complete the podium of those that climb the most, all three with 5.4%.
On the stock side, Merval climbs 2.4% and accumulates a 26.6% increase over the year, thus maintaining the positive trend it recorded in 2022 and which allowed him to jump 121% and beat inflation by 94.8% in 2022.
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Source: Clarin
