At the beginning of this last round of the week, and second of 2025, the price of securities issued under foreign law (global) rises between 0.6% and 0.7%. In this way, for example, the return of Global 2029 drops to 10.02%.
In this framework, the country riskmeasured by JP Morgan, is on track to close the week near, or even below, 600 basis points. In the long part of the curve, bonds already operate with spreads of less than 600 units.
As Ámbito was able to find out, the Government is close to closing an agreement with banks to increase reserves, in exchange for the delivery of bonds to financial entities. The amounts are still uncertain, but could revolve around the US$3,000 million.
However, in view of the objective of release the trap This figure would be insufficient, which is why Casa Rosada seeks that the bulk of the new financing comes from the IMF, within the framework of the renegotiation of the debt conditions with the organization.
The reports that the IMF will evaluate the current program with Argentina this month, a prior step to signing a new agreement, would have played in favor of local bonds and stocks at the beginning of 2025, said market operators. Additionally, the thesis of reinvestment of coupons payable on January 10 for the US holiday in honor of former President Jimmy Carter could be impacting public securities, they added.
Shares and ADRs
After a great first day of 2025, shares fall this Friday. The S&P Merval falls 1.4% in pesos up to 2,658,801.48 units. The papers that fell the most are those of Transportadora de Gas del Sur (-4%) and Edenor (-3.4%).
On Wall Street, Edenor’s ADRs also lead the losses, along with Telecom (-3.7%). BBVA’s assets follow (-3.2%), although it is worth noting that on Thursday the banks had driven gains into stocks Argentine companies listed on Wall Street, which rose up to 14%, thanks precisely to BBVA.
In tune, the S&P Merval grew 6.4% in pesos and 7.5% measured in dollars. Particularly noteworthy was an increase of more than 8% in Byma’s papers, firm that benefited from a decision by the national government to repeal a rule that It restricted the distribution of cash dividends from its net income by Caja de Valores to only 10%.
Source: Ambito
