The Sovereign bonds in dollars They closed with a majority This Wednesday, June 18, on a wheel marked by the growing tension in the Middle East and Definitions of the US Federal Reserve (FED)which culminated its monetary policy meeting. The actions operated with disparity, both in Wall Street and in the Buenos Aires Stock Exchange.
The securities Argentines They presented, on average, a 0.7% decline due to the highest global risk aversion. The most operated, the Bonar 2030 and the Global 2030They ended up with setbacks. On the contrary, there were only increases in those instruments of shorter term (Bonar 2029 and El Global 2029).
He country riskmeasured by JP Morgan, exceeded 700 points on Tuesday, when closing in the 714 basic points after the marked fall of the global.
“Another day, our sovereigns ended with reds between 0.3% and 1.0%. As is customary in recent times, the long part of the curve was the most affected. With today’s setbacks, the Hard Dollar debt accumulates falls of up to 1.7% in the week,” they said from PPI.
Fed and war in the Middle East monopolized investors’ attention
The Federal Reserve (Fed) He made deaf ear to Donald Trump’s pressure and this Wednesday kept interest rates in 4.25-4.5%as expected by the market. The monetary managers indicated that they hope to reduce the cost of indebtedness, as long as the acceleration of inflation by tariffs allows it.
“The escalation in the conflict between Israel and Iran impacts global markets. And the rise in the price of barrel of oil is one of the most immediate consequences,” he said, “he said Wise Capital in its role as capital market agent.
At the local level, the former president Cristina Kirchner She was sentenced to six years in prison and perpetual disqualification to exercise public office and yesterday was granted the benefit of house prison although with various conditions and a list of specific people who can visit it.
“Tomorrow begins the review of Argentina and several more countries to reorder or requalify its credit rating by Morgan Stanley. Argentina is expected Ian ColomboGold Cocos Financial Advisor.
On the other hand, this Wednesday The Central Bank (BCRA) performed the First auction of the series 4 of the Boprealin which He managed to place the equivalent AU $ S810 million. With this bonus, the government seeks to give way to a commercial debt of about US $ 50,000 million.
Actions and ADRS
In the variable rent segment, the actions did not show a clear trend. In Wall Street, among the profits were the ADRS of southern gas transporter (+3.5%), central port (+2.9%) and black hill (+2%).
At the other extreme, the roles that fell most were those of Grupo Supervielle (-1.5%), Telecom (-0.9%) and Banco BBVA (-0.8%).
He S&P Merval It retreated 1% to 2,070,943.36 units, although measured to the CCL dollar showed an improvement of1.6% due to the strong drop in the implicit exchange rate.
During the first part of the day, in which the leading panel measured in dollars came to climb more than 3%, investors celebrated the possibility of a recategorization of the Argentine market of “Stand Alone” A “Border Market”.
“There are high probabilities that Argentina will be recategorized as a border or emerging market at the next MSCI meeting, scheduled for June 24. The main argument is the progress in the normalization of the capital account, especially the partial lifting of the exchange rate, which already enables free operations for human persons. However, we recognize that restrictions still persist for legal persons, which limits the total scope of the process,” They explained from Sailing investments.
In the market they estimate that, before an eventual recategorization, a potential demand close to US $1,000 million by international funds, which passively follow emerging market rates could be registered.
In that scenario, “We believe that the main beneficiaries would be YPF, Grupo Galicia, Banco Macro and Pampa Energía. Punctually, we see the energy sector better positioned, given their global exposure and the growth potential of the Argentine oil and gas business,” They added from Sailing investments.
According Ignacio SniechowskiHead of Research of IEB GroupArgentina would not be reclassified directly to an emerging market as happened during the administration of Mauricio Macri, for two reasons.
“The first is a time effect: the non -total survey of exchange restrictions occurred in April of this year, while during the Macri administration it had been carried out immediately after the assumption, in December 2016. For MSCI, the irreversibility of the changes is an important factor and, we believe, that a triumph in the mid -term elections would further solidify the will of a change in Argentina”he commented Sniechowski.
And he added: “The second factor is that of accessibility: While the advance in the elimination of exchange restrictions was enormous, they were not eliminated in their entirety in regard to legal persons. ”
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
