The Argentine sovereign bonds fell this Wednesday, October 31 in New York and the country risk exceeded 950 basis points. Stocks also traded mostly lowerboth in Buenos Aires and on Wall Street. In the city they explain that the decline in debt securities may be due to a profit taking, after a week of strong rise with a fall in country riskwhich came to pierce the 900 basis points.
In the fixed income curve, the bonds that fell the most are the Global 2046 (GD46)with a drop of 3.9%followed by Bonar 2030 (AL30) and the Global 2038 (GD38), with losses of 1.4% and 1.2%, respectively. In that context, the country riskwhich measures JP Morganrose 2.5% (+23) to 956 basis points.
“Argentine bonds fell slightly this Wednesday and this It is logical that it happens after a very marked upward trend that we saw in the last week. Furthermore, we saw that a turning point occurred with the fall of the country risk below 900 points. It seems to me that it is not a trend to be scared, who considers that it is a normal oscillation of the market,” he tells Scope Leonardo Svirskyfinancial analyst.
How the market reads the Treasury tender
On the other hand, this slight decrease comes after the Treasury placed bills in this Tuesday’s debt tender for an amount less than what it offered. $1.6 billion were due, but Economía received offers for only $1.05 billion. It awarded a portion and, thus, will release about $700,000 million to the market. In the midst of the boom in fixed-rate securities, it only offered CER.
“The Treasury announces the purchase process from the central bank (BCRA) of 2,701 million dollars to meet the payment in dollars and euros corresponding to the capital amortization of the ‘Globales’ and ‘Bonares’ bonds maturing in January 2025 “, said the Secretary of Finance on the social network Pablo Quirno.
In this regard, Svirsky says that “the Government had already anticipated that it was not going to finance all the debt, but rather that it was going to begin to correct that variable.” In that sense, he does not see it as a worrying fact, but he does warn that we have to see where those pesos are going to go now. It does not rule out that they could be directed towards letters.
We will have to see how the dynamics evolve in the coming days and what path country risk takes going forward to really determine what impact the initial decline of the day has on bonds.
Argentine stocks and stock market
Most of the Argentine stocks in Wall Street They descended this Wednesday. The main losses corresponded to Galicia Bank (-2.4%), Supervielle Group (-2.2%), BBVA (-2.1%) and Gas Carrier (-1.6%).
In line with the international plaza, the porteño bag low 0.6% to 1,834,268.68 units and extended the profit taking that began on Monday.
In this square, the most affected roles were those of BYMA (-1.9%), Supervielle Bank (-1.9%) and BBVA (-1.7%). Those that rose the most, for their part, were those of Telecom (+4.5%), Mirgor (+2.3%) and Transener (+2.2%).
Source: Ambito
