Bonds collapse in dollars: up to 13.4% sank and the country risk exceeded 1,400 basic points

The Bonds in dollars deepened their fall This Thursday and They collapsed up to 13.4%, In another wheel dyed of furious red on the screens, unleashed before a strong exchange pressure and important sales of the Central Bank. Thus, the country risk shot over 1,400 basic points, played a maximum of one year, And now accumulated a jump of more than 57% From the hard defeat of freedom, advance in the Buenos Aires elections. In the variable income segment, the S&P Merval He sank 8.8% measured in dollars and accumulated a decline of 26% so far in September.

This happened on a complex day on the political and economic level for the government, which included the jump of the parallel dollar and a sale of reservations for US $ 379 million by the BCRA, the most important in five months. Political, the Senate reversed the veto to the Law of Contributions of the National Treasury (ATN) After the hard setbacks suffered by the Executive in Deputies on Wednesday.

Under this context, Bonds in dollars collapsed up to 8.6% in Wall Street, while in the local stock market up to 13.4% collapsed.

Rafael Di Giornodirector of Investment Professionpointed out that the market enters these junctures in PANIC Sellingen and that although it was discounted that the Lower House will reject the vetoes of university financing and pediatric emergencythe number of votes against the government were greater than expected. In addition, “the news was given that the BCRA began selling on the roof of the band and the market and ‘Pricea’ other scenarios.”

The vetoes turned to the Senate, where the ruling party has a fragile position, which reduces the chances of stopping them. In turn, deputies turned to commissions the Reform to the DNU Lawwhich provides that the next decrees pass through the cameras to be approved and in case the three months are not treated after their broadcast. The project, which already has half a sanction in the Senate, It will be treated next Tuesday, September 23 in the lower house and becoming a law, In a moment of government weakness, it would be a hard blow to the ruling.

In financial, the Central Bank (BCRA) deepened his speech in the single and free market with a sale of U $ 379 million of the reserves, which closed at US $ 39,407 million. Investors see a weaker position and less guarantees for the payment of the next maturities and that is why they detach them from their holdings.

Financial tension was exacerbated: bonds and actions, in red

The market discounts that there will be a increasingly limited reservations for the upcoming maturities. Between September 2025 and December 2027, the Treasury dollars maturity and BCRA add up U $ S34.200 millions without counting payments to organizations, except IMF, which “we can assume that they are renewed,” said the consultant 1816.

“Without rollover and without purchase of dollars, net reserves (today positive at US $ 6.4 billion) would become negative already in February 2026, so that We think that post elections will be changes in exchange policy“They stood out.

From 1816 They added that until the end of the mandate “we would have to buy US $1 billion a month if we assume null rollover and void -vine reserves towards December 2027 “.

In the middle of a week in which Argentine assets accumulate strong deterioration, the country risk jumped 14.6% This Thursday until 1,428 basic pointsaccording to market sources anticipated Scope.

The index that measures JP Morgan He shot 57.6% in the last nine wheels, that is, from the hard electoral defeat of Lla. With these levels of risk, the possibility of accessing international credit as expected by the Government is increasingly moving away.

S & P Merval and Adrs

Meanwhile, The S&P Merval indexwhich includes Actions Local market leaders, it went down 4.9% measured in pesos and 8.8% in hard currency.

In Wall Street, Argentine actions collapsed until 10.4% hand in hand YPF, followed by Telecom (-9.2%), South gas transporter (-8.8%), Supervielle Group (-8%), and Galicia Financial Group (-8.8%). The only role that uploaded was Free market (+1.1%).

So far this month, the leader Panel of Byma scored a collapse of the 26% And so far from 2025, a 49.2%. Thus, given the exacerbation of exchange and economic problems, he already erased almost the entire rise he had experienced at the beginning of Milei’s management.