The dollar bonds extended falls and the risk exceeded 700 points after the YPF expropriation failure

Dollar bonds extended their falls This Monday, July 1, while the Argentine actions that operate in Wall Street They closed disparate After lowering strongly on the previous day. It was due to the recent Judicial ruling in the US which ordered the country to detach from 51% shareholder YPF, controlled by the State, to comply with the payment of U $ S16,000 million for the expropriation of YPF. The government has already announced that will appeal the sentence.

Thus, in the fixed income segment, the Bonds in dollars, which had started upwards, closed again with setbacks, headed by him Global 2038 (-0.6%), followed by the Bonar 2029 (-0.5%), and the Bonar 2041 (-0.4%). The country risk closed on Monday in 701 basic points, according to the measurement of JP Morgan.

In the US, global bonds ended with slight changes (-0.1%), within the framework of an unfavorable day for emerging/border debt. In this sense, the ETF EMB, consisting of sovereign debt of high risk fell 0.2%.

Matías Waitzel, AT Investments partneranalyzed the impact of adverse ruling by YPF on the dynamics of Argentine bonds. “The reaction of the fixed income market is closely linked to what happened with YPF. It is likely that Argentina, instead of delivering the actions in dispute, chooses to appeal and, as President Javier Milei anticipated, the way to resolve it is to issue debt in the international market. With those resources, I would seek to pay the demanding funds”he explained.

Looking ahead, Waitzel was attentive to two key factors: the accumulation of reserves and the entry of agriculture. “I don’t see major problems with reservations. I think there may be a good liquidation of agriculture, which would allow reinforcing the external front.”he said, and maintained an optimistic look: “If a strong accumulation of reservations is specified in July and the government obtains a favorable electoral result in October, I remain positive with the Argentine debt and also with the Equity in general.”

In this high voltage context, the Argentine government detail What will be your next specific steps in the legal defense of the case. Investors will be especially attentive to: the Technical content of the appeal that Argentina will present to the American justice, the procedural rhythm that will have the judicial process, both before the Judge PRell and the New York Appeals Courtand the possibility of extrajudicial negotiations with Burford Capitalin order to avoid the execution of the sentence or the beginning of embargoes.

Besides, The new 4 Bopreal 4 showed a volume of operations and ended on Tuesday at US $82.5 with a 9.5%IRR. It is worth mentioning that this Wednesday will be its second tender, in which the remnant of the US $ 3,000 million vn of broadcast stop will be offered. In its debut in the primary market, the Central Bank managed to capture US $ 810 million VN, PPI recalled.

S & P Merval and Adrs

After falling strongly on the previous day, the S&P Merval bounced 1.8% in pesos a 2.031.093.18 basic points, although measured in dollars yielded 0.5% to 1,640,21 units. Thus, the leading actions that advanced the most were those of IRSA (+6.8%), Bank of Securities (+5.3%), Black Loma (+4%), Port Central (+3.2%), e YPF (+2.8%).

In Wall Street, Argentine papers They noted a positive note About the closure with IRSA (+3.3%) crossing the increases, followed by Black Loma (+2.6%) and Port Central (+1.2%). Among the casualties were the bank and energy papers: BBVA (-1.6%) and Edenor (-1.3%).

Yesterday, the actions of the National Petroleum They braked down after collapse almost 6% This Monday in Wall Street After the judicial ruling in USA.