In this context, The expectation among analysts is that a significant part of the funds that investors receive as interests and amortizations be reinvested in sovereign bondsespecially considering that Argentine titles in dollars continue to offer value compared to their peers in the region.
Long bonuses with greater ram potential
Although the external front – and in particular, Net international reserves– It continues to be one of the weakest points of the economic program that heads Luis Caputofinancial markets maintain a positive vision supported by fiscal adjustment and macro stability.
To this is added an increasing expectation around an eventual triumph of the ruling party in the October legislative electionswhich, if specified, could generate a new compression of the country risk.
In this scenario, analysts of Cohen especially those Long section bonuseslike him Global 2035 (GD35) and the Global 2041 (GD41)which offer “greater ability to capture ‘upside’ before different scenarios of country risk fall in a horizon of 12 months.” It is also worth noting that, along the same lines, andThe Bofa raised the Argentine bonds especially the Global 2035. Despite the strong fiscal improvement of the country, bonds still pay about 11%, which implies a considerable prize for political and financial risk. The entity sees greater gain potential in these bonds of longer than short -term, at least until the end of the year.
For its part, the economist and financial advisor Leo Anzelone (CEPEC) agreed that There is a will to reinvest in the global and bonars bonds that expire this Wednesday. “We believe that there is willingness to reinvest on investors. The expectation of a country’s low risk generates a more favorable climate for bonds to continue with a bullish tour, in a context where, in general, the market is moving cautiously, but with greater predisposition to reinvest, instead of disarming positions massively,” he said.
For its part, the financial advisor Gastón Lentini He pointed out that the possibility of reinvestment of bonds is “high.” However, he raised: “Unlike other years, the appetite for risk will be less, Since we have the choice near and the next payment of coupons and interest in January is far. With which, I think that many of the investors who charge will keep the dollars liquid or placed in instruments of very low volatility such as Money Market funds in dollars. “
Finally, from PPI They point out that they continue to favor the combination of AL30, GD35 and GD41. “We consider the most attractive vehicles to capture returns in a compression scenario the country risk.” However, it emphasizes that the volatility that characterizes these instruments, incorporate exposure into the short section of the curve to moderate the risk profile.
In addition to the bonds in dollars, but looking at the weights, LECAPS They continue to gain ground as an attractive option for investors looking for shorter terms, liquidity and positive real rates.
“For more conservative or tactical profiles, LECAPS allow you to capture yields above inflationwith the advantage of being able to leave at any time without being trapped in long positions. Today its logic is defensive, but effective: real positive rate and flexibility, ”said Anzelone.
Source: Ambito
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