Bonds are falling again and country risk is climbing another step

After the exchange made yesterday by the Government Tensions in bond markets continue. This Wednesday, while Argentine dollar bonds fell 2.5%, inflation-adjusted pesos placements fell to 1%.

In this scenario, the country risk continues to grow. This Thursday it is up by 0.8%, a 2263 basis pointsand sets a new record in the post-debt restructuring era of 2020.

The JP Morgan indicator, which marks the excess cost of Argentine debt, reaches the highest level of the last 22 months on this wheel. So far this year it has increased by 31%.

Yesterday the Ministry of Economy made a tailor-made exchange for the Central Bank to unpack the heavy maturities of the pesos debt facing next week. Originally, on Tuesday 29, $ 605 billion was owed, an operation that puts public finances under pressure because most of the newspapers involved are adjusted for inflation.

In the past two weeks, investors who had been betting heavily on CER bonds in the middle of the exchange rate pax during the financial summer to May have begun to get rid of these bonds. sank up to 15% in two days.

To stop the bleeding, the Central Bank went out last week to repurchase these documents and managed to put a stop to the fall after spending more than 300 billion dollars.

Yesterday the government took another step and exchanged inflation-adjusted fixed-rate bills for new instruments that mature between October and December and which are also adjusted to the price index.

The operation involved the participation of the public sector, through the Central and other organizations, about 40%. Private investors also joined and were invited to give the gift.

This exchange allowed to decompress next Tuesday’s deadlines by reducing the amount of the original 605,000 million dollars to 248 billion dollars.

At the Ministry of Economy they hoped to take a step forward and that the exchange would serve to give a strong signal to the market that Despite the uncertainty, the government will fulfill its obligations.

But the rally they expected from bonds was not such: today the T2X3 bond falls by 1.8%, the TX24 falls by 0.9% while the Tx 26 loses 0.5%.

Among dollar stocks, the AL29 loses 2.5% and the Global 35 loses 1.22%.

Blue dollar at $ 224

In this wheel the blue dollar remains stable at $ 224, after the four-pesos jump he gave Wednesday. With this price, the highest at nominal level so far this year, the exchange gap against the wholesale dollar reaches 80%.

On the financial dollar side, the MEP, which is listed on the Buenos Aires stock exchange, rose by 0.2%, to $ 229.13 and has a rebound of 10% in the month and 15.8% in the year.

For its part, cash remains with liquidity, the financial dollar that companies use $ 235.34, with an increase of 11.8% in the month and 16.4% in the year.

Merval loses 2.4%, in its fourth consecutive bearish round, and on Wall Street, most Argentine stocks are down, with downs of up to 6.2% for YPF.

AQ