The Buenos Aires bag brakes a bullish rally of more than a week and low This Wednesday, July 30, while Bonds in dollars they operate mixed and the LECAPS bounce after the bidding of debt in which The treasure raised the rates and only renewed less than 80% of the maturities.
The high yields in pesos that were validated in the last wheels of the market They create doubts among investors, at a time when incipient portfolio dollarizations are recorded for the next legislative elections.
In that framework, The S&P Merval falls 0.8% to 2,285,519,450 basic points. Meanwhile, The leading panel measured in dollars yields 0.9% after a 13% rally in six days.
Within the leading actions the ones that lose the most appear Silver Commercial Society (-3.1%), Edenor (-2.8%), and Loma Negra (-2.7%).
The ADRs also quote with a majority of setbacks. The main casualties are leading the assets of Black Loma (-2.9%), Telecom (-1.8%) and Edenor (-1.8%).
It should be noted that, on the previous day, the Ministry of Economy, commanded by Luis Caputo, He placed some $ 9 billion of letters and bonds, within the framework of the last tender of the month in which more than $ 11 billion, and validated rates of up to 65.3% per year. The result allowed to cover 76% of commitmentssince the Market only presented offers for about $ 400,000 million above the final amount.
“The topic (monthly rate) weighted average in the fixed rate papers was 4.01%, advancing once again with respect to the previous tender, and implying prize in the short part of the curve,” They said from the SBS group.
The Secretary of Finance, Pablo Quirnohe pointed out in his account X that “The rollover (…) takes into account the increase in liquidity demand due to the increase in lace announced by the Central Bank (BCRA).” He also explained that the Government does not want “surpluses in the market and we have a very restrictive monetary policy where the rate is determined in an endogenous way.”
Bonds and Risk Country
As for fixed income, dollar bonds quote mixed. The greatest fall is suffered by Global 2046 (-1.5%), while the greatest rise writes it to the Bonar 2030 (+0.3%).
He country risk, that measures JP Morgan, comes from climb 1.1% Wednesday until 727 basic points.
It is awaited that the IMF Executive Board of Directors approval this week at the first review of the extended facilities program in force with the country, which would unlock a disbursement of about US $ 2,000 million.
In the peso segmentLecaps bounce and operate with slight increases After the rates rise recorded in the tender on Tuesday of the Treasury.
The Caution Rate (Private Short Term Loans) It was negotiated at 34%, compared to its previous closure of 24% average and to reach levels of 120 annual nominal last week. “Volatility is such that market conditions are substantially modified day by day, but at the time of the date it undoubtedly position themselves in rates in short -term pesos is a fairly attractive investment”said capital Markets Argentina. “The reality is that with the medium -end elections we are closer and closer we hope that volatility is kept high,” he said.
Source: Ambito
