The bonds fell up to 6% and the country risk already points to the 1,200 basic points in the middle of the strong exchange tension that lights market doubts about the ability to pay the bulky maturities in foreign currency. Meanwhile, The Buenos Aires bag also backed down and played minimums in more than a year.
In the fixed income segment, the bonds suffered strong falls during the day. Those of those longer titles stood out promptly: The Global 2046 and Bonar 2041 sank -5.9% and -5.6%, respectively.
The last data of country risk (EMBI, prepared by JP Morgan) of September 12 showed a value of 1,140 basic points and threw a jump of 8.9% with respect to the previous registration.
The financial advisor of Gold Cocos, Rocco AbalsamoHe said that an “overheating” is observed in the quotes of the sovereign bonds in dollars, based on the approach of the exchange rate to the band’s roof.
“What the market sees and What discounts from sovereign’s contributions is the possibility that the Central Bank (BCRA) is put as a seller in the market and this affects the payment capacity in the next couponsboth in January and July next year, “he added.
The director of the South Capital Markets, Fernando Dirrazarhe pointed to Scope who understands that It is not a good either medium, or long term to position themselves in domestic assetssince he believes that The Government “ended the gasoline” in financial matters, so the titles go back accordingly.
The market fears that an eventual intervention of the BCRA in the exchange market puts in check the ability to pay the domestic coupons.
The specialist went further and indicated that the fact that the Wholesale dollar It will be today at only 0.4% of the band’s roof will imply sales from the BCRA with the dollars that were destined to pay the debt with the International Monetary Fund (IMF)which would further aggravated the situation of Argentine coupons.
In addition, Dirrazar questioned the market restrictions imposed by the Governmentdespite what he professes since his arrival to power. “Totally aimlessly,” he slipped.
Uncertainty in the markets for a CNV regulation for the CCL dollar
Last Friday the National Securities Commission (CNV) He published an interpretive rule that extended the restriction to sell bonds against dollars when leverage was used. Later that same day, The norm was revoked and replaced by another that clarified that, in the case of Alycs, the limitation will not apply while its net consolidated position does not generate a net creditreturning to a requirement imposed a few years ago.
Nicolás Cappellafrom IEB, said that the deterioration in the prices of titles in pesos It may have had to do with a “departmental effect produced by the interpretive criteria of the CNV although you can also generate sales due to uncertainty and that those weights go to look for dollars since the dynamics of this regulation that the government takes out, far from reassuring, lights alarm signals.”
From Max Capital They pointed out that “The government seems to be looking to limit the effect of the lowest rates on the currencyin fear that the premises use leverage to buy dollars through the CCL “.
S & P Merval and Adrs
As for the Variable Income, the S&P Merval 0.6% fell to 1,748,701.64 points, while Its dollar price did in 1.9%, To descend to its most limited value since August 7, 2024. Among the papers that led the losses were: North Gas Transporter (-4.2%), Metrogas (-3.9%) and BBVA (-2.9%).
The President will carry out a national chain tonight in which he will present to the National Congress the Budget Law 2026which must be subject to legislative debate after the October elections.
“It will be important to see how the opportunity is taken. Read, If in addition to maintaining the course and fiscal conviction, it is complemented with ads that allow to resume the centrality in the agenda and re-aware expectations. Both politicians, economic, “they explained from Outlier.
For its part, the Adrs turned over the day and also ended with a negative trendhighlighting the setbacks in the bioceres papers (-4.4%), Banco Macro (-3.1%) and Grupo Supervielle (-3.1%).
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.
