The ADRs relived on Wall Street and flew up to 8.5%, while the bonds rose strong, before the best global climate

This Tuesday the American marketing market MSCI did not include Argentina in the list of countries with the possibility of being recategorized from the current “Standalone” A “emerging” category. Last week I had anticipated that The country still has restrictions that hinder that jump, although analysts warn that it could rise to the intermediate category of “border market”.

Argentina could just be included in the list in June 2026 to be recategorized in June 2027.

From IEB Group They believe that the best scenario for today’s decision that the MSCI considers Argentina in “Under-Review”. Before the question of whether it is positivethe answer is yes but with conditioning. Because “It does not enable the entry of between US $ 2 Billions au $ 3 billion that implies moving to an emerging market. For that we will have to wait and maybe next year there is some classification novelty.”

“Northern envy contributes positively About the domestic assetswhich rehearse a rebound after the weakness of recent times by the hand shopping by some operators, Waiting in the afternoon of the definitions from MSCI “he said Gustavo Ber. For this expert A recamming would imply greater world financial integration that would contribute to continue adding more international investorswhich should result in time in an expansion of the valuations of the actions and a country risk compression.

“The latter would also be crucial since it would allow to promote a roll-over of the maturities of the debt in dollars”broad.

Bonds and Risk Country

For its part, the Bonds in dollars closed with profits of up to 2.8% hand in the Bonar 2041 and the Global 2041, although they are also among the ones that advanced the most: The Bonar 2038 (+2.7%) and the Global 2035 (+2.5%). Monday had closed mixed, although also with improvements among those most operated instruments. The last data of country risk indicates a value of 714 units.

“Today both equity and sovereign debt enjoy a good day, correlating with other indexes such as EEM and Embrespectively. We continue with our weighting in the GD41 For profiles looking for greater price sensitivity. In the case of those who prefer less volatility, we lean more about the short section, GD30 and To 30“, expressed on Tuesday, since Guardian Capital.

For its part, Rocco Abalsamofinancial advisor of Gold Coconutssaid that The bullish streak in what is debt in dollars “is seen in a certain part explained by what would be an improvement in the reservations accumulation system”. It should be noted that, until a few weeks ago, The only way in which the government had to accumulate reservations was to buy currencies when the dollar touched the band’s floor and access the Mulc (But this situation did not occur).

Thus, the Government decided Repo With banks. “The reservations accumulation system changed a little, moving from a system of buying dollars in the Mulc to debt issuance, which would be somewhat more normal. This is quite positive and creates a long -term systematized and fruitful reserves accumulation system“He added.

From Coconuts They assure that this generated a rise of all bonds, with short deadlines obtaining maximums before the longest bonds. As for the recommendations, they bowed to the AL38 Or, in its effect, a GD41.

Actions and ADRS

He S&P Merval bounced 4.4% a 2,064,589.55 basic points. Among the actions that rose the most were: Supervielle Group (+9.9%), Metrogas (+9.1%) and Aluar (+7.5%). As for ADRS, Supervielle Group He climbed 8.5%, but they also rose strongly BBVA Bank and Macro Bank with the 7% and 6.2%, respectively.

The IMF arrives: how are the goals

For this day it is expected to arrive a mission of the International Monetary Fund (IMF) to initiate the review of goals of the new agreement. While fiscal numbers meet the required requirements, compliance with the reserves goal is still far.

In that sense, it is worth remembering that recently the Ministry of Economy and the Central Bank (BCRA) They announced a strategy to swell reserves, which includes a new Repo With banks and Bonte tenders (titles that can be placed in exchange for dollars).

Gross reserves this Monday reached U $ 40,887 million and they played maximum of February 2023 after the impact of the last tender of the Bonte that captured U $ S500 million. In addition, Cave highlights that the bidding of debt in pesos next Wednesday the treasure will not offer or BontesNor bonds Cer. In parallel, it was known in the last hours that the province of Córdoba goes out to test the international market.

Finally, on Monday it was known that The Gross Internal Product (GDP) It rose 5.8% year -on -year in the first quarter of the year, compared to a corrected increase of 2.6% of the previous quarter, before analysts consulted by Reuters that estimated an improvement of 6.1%.