The The leading S&P Merval index gained 0.54% to 89,204.16 points, after losing 2.89% on Thursday.. The market’s trend was driven by the improvements recorded in locally listed external shares (Cedears).
“The external climate plays a key role in the market and pushes progress towards the IMF deal to the background, despite being closely monitored by traders given an important March due date,” one analyst said.
The Argentine Congress still has to deal with the project of the understanding with the IMF for a debt of more than 40,000 million dollars, to later send it to the board of directors of the credit organism for its endorsement.
The understanding is expected to be sent to parliament in the coming days, before a payment of some 2.8 billion dollars to the IMF is due.
In the global context, Western countries announced financial sanctions against Russia, blacklisting its banks and banning technology imports. However, they have stopped short of forcing Russia to abandon the SWIFT system for international bank payments.
Bonds and country risk
On Thursday, the main bonds in dollars registered losses of up to 2.2%, with the Global 2035 and the Bonar 2038 at the top of the falls. It was followed by the Bonar 2035 (-2.1%); and Global 2030 (-2.1%).
For its part, the country risk rose 1.55% to 1,766 basis points, after touching 1,821 points during the day, the highest since the end of January (before the announcement of Argentina’s pre-agreement with the IMF for the debt).
“The Russian thing could be seen coming and now it is taken as a valid excuse, but the fact that the (Argentine) government delays the announcement of a closing in its expected agreement with the Fund also compromises the bonds,” explained an operator of foreign private banking.
For its part, the dollar-linked sovereign tranche was in demand, rising 0.5% on average, with better performance in the medium tranche (T2V2 +0.8%).
Finally, bonds in pesos with CER adjustment were in demand and closed with an increase of 0.4% on average, concentrating business on TX22 (+0.35%).
Source: Ambito
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