In the midst of global uncertainty and with the reference markets starting the week with contrasting movementsArgentine dollar bonds started the day with losses and country risk jumped again to 2,415 points. This is a level not seen since November of last year.
In terms of exchange, The blue dollar starts the wheel unchanged at $383, but the financial dollars extend their climb. The dollar on the liquidation count, the way companies use to be dollarized, climbs another notch and is trading this Monday at $405.
Financial prices rallied this month as the deterioration in central bank reserves deepened. The agency has already sold $871 million since the beginning of March and got rid of more than 60% of what it harvested in December, in March of the latest soy dollar issue.
“After the announcement of the purchase of Credit Suisse by UBS and the improvement of swap lines between the FED, ECB, BOJ, BOE and the Swiss Central Bank, Argentine bonds are not rearing their heads,” warned PPI analysts.
At the same time they advanced: “This week’s eyes are on the Treasury auction. According to our estimates, 97.6% of interest and principal comes from the private sector. Most of this amount is explained by the expiry of the BONCER23 (TX23) and a LELITE (in the hands of the FCI)”.
Martín Polo, from Cohen, underlined for his part: “The key this week will go through the interventions of the BCRA in the foreign exchange market -to accumulate sales of US$ 850 million-, together with the knowledge of the tax and commercial results for February”.
On the stock exchange, the Merval recovered and traded with a 1% improvement hand in hand with a rise in the main stock indexes on Wall Street. After a blistering week, New York-listed Argentine shares are mostly up, led by Banco Supervielle, up 5.5%.
NS
Source: Clarin
