After the emergency tender of the treasure to absorb almost $ 5 billion, The bond rate shot on Tuesday to 80% annual nominal And then it went back to 50%, when until two weeks ago it was 25%.
In turn, The shortest Lecaps also crossed a period of high volatility. Those with expiration at the end of July reached a monthly effective rate of 5%, while those of August closed with a return of almost 4%.
“The government sought to absorb excessive liquidity quickly, in line with the monetary policy objectives, first through the intervention of the BCRA selling a LECAP and the return of the passive passes (which would have been only temporary) and then through a tender of the treasure outside the calendar. The consequences of this disorder Investment Profession.
Rates vs. inflation
In this framework, Isaiah Marinistrategy analyst at One618, explained that the most attractive assets of the moment are those of the LONG CURVE CERthat they yield Inflation +15%. “They offer an attractive entry point if, as we hope, the episode of illiquidity that pushed the upward rates is normalized after the next tender. In that scenario, the ‘carry’ plus the compression of yields would favor the ‘duration’,” he added.
For its part, Eric RitondaleChief Economist in Puente, agreed that today’s potential is found in the titles that are linked to the prices of the real economy. “We like March 2026, the December 2026 dual and the June 2027 bancer, for different deadlines,” said the Executive.
The dollar, among the most reliable “investments”
Anyway, some specialists consider that Refuge in the dollar is still a good optionespecially contemplating the pre -election volatility that could exist.
“Seen that the permanent battle between the dollar and the peso is no longer month by month, but I think it is week by week, already entering an electoral line that will generate a lot of turbulence in the market, it is recommended to be dollarized,” said the financial advisor Arian Chiarandon.
Under his point of view, although it is tempting to take advantage of the financial instruments, in the long run, it can be like a “Bird cage” that generates a confinement and does not allow to leave when the dollar sticks a jump, always inside the exchange band established by the government in April.
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.
