In tune with the good weather on Wall Street and emerging markets, dollars bonds back up to 0.7% while the S&P Merval bounces after two days of low and the ADRs show mixed variations. The attention is put in the debt tender this week, in a context of high rates and coverage.
In a good day for emerging and Wall Street, sovereign bonds operate cautiously while the ADRs operate mixed and the actions of the S&P Merval recover with rises of up to 2% this Monday, August 11. The markets move in the middle of the high interest rates that seek to balance liquidity, at a time when taking coverage to the October legislative elections that press the exchange market.
The fixed income titles yield up to 0.7%headed by the Global 2047, followed by Bonar 2041 (-0.5%) and the Global 2029 (-0.5%).
This week the Treasury will carry out a debt tender in which it will face maturities for the equivalent of U $ S17,000 million, so the look is set What will be the interest rate that will validate to renew those letters.
“To the typical pre -election dollarization, greater pressure was added since July and the dispense in the disarmament of Lefi (fiscal letters that turned to the market about 10 billion pesos), which brought more noise and added a quota of uncertainty for what is coming,” said Invecq Consulting.
“The government is confident that it will obtain a favorable electoral result, which will allow it to fully return to international markets,” he added and said that “A priori, looks very challenging.” The private loan rate – a hiking – operated around 45%, from 48% operated at the end of Friday, while the rates for fixed -term placements were around 36% annual nominal to 30 days.
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“It went from having a dollar close to $ 1,400 pesos with lower rates to a dollar more than $ 1,300 with higher rates. Maybe halfway this balance, Con a dollar not too low that requires rates that harm the activity And debt role, not so high that it complicates the process of disinflation or electoral perspectives, “said Roberto Geretto de Adcap.
“The government managed to placate exchange tensions through strong increases in interest rates and term operations,” said Vatnet Financial Research.
S & P Merval and Adrs
For its part, the S&P Merval is recovered after two days down, with rises of up to 1.5%headed by Pampa Energía, Cresud (1.3%) Bank of Securities (1.2%) and Commercial of the Plata (1.1%).
Meanwhile, the Argentine roles that are quoted in New York advance up to 2%led by Cresud, Edenor (1.4%), Pampa Energía (1.3%) and South Gas Transporter (1.2%).
Source: Ambito
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