Maximum tension: ADRS and bonds sank up to 15% in the week and the country risk touched 1,450 points

The sovereign ADRS and sovereign bonds closed the week with a majorafter what was the new Central Bank intervention (BCRA) with the sale of reservations for US $ 678 million, which put investors alert to fear for the future debt maturities.

This Friday, the sovereign titles closed with a majority of falls, with the Global 2030 leading losses (-3.2%), followed by the Global 2029 (-2.3%), and the Bonar 2030 (-1.8%). In contrast, the Global 2046 climbed 2.2% and the Global 2041 He did 1.3%, in a wheel marked by volatility.

In the week, the bonds collapsed up to 14.6% by the Bonar 2030. This was followed by the Global 2035 with a collapse of 12.9% and the Global 2038 with one of 11.8%. He Bonar 2035 He was the only one who registered a profit, with one of 0.2%.

Last Thursday, the sovereign titles in dollars had a day for oblivion: they sank up to 13.4% and the country risk exceeded 1,400 basic points. Thus, the economic index touched a maximum of one year, and already accumulated a jump of more than 60% from the hard defeat of La Libertad advances in Buenos Aires legislative elections.

After the closing of the day, The Minister of Economy, Luis Caputo, tried to send a signal to the markets through his participation in Carajo streamingwhere he assured that the government will remain firm the exchange strategy agreed with the International Monetary Fund (IMF), ratified that the BCRA will intervene in the market on the limit of the established band and He said they will comply with the debt commitments of January, although he did not confirm where the money will come from.

“It is hard to understand what the market is emerging”

In this regard, the head of Conosur Investments, Mauro Fiorenzanohe pointed to Scope that “The falls” of all Argentine assets surprise, since “it is difficult to understand that the market is emerging” in some of them. “The peso curve, due to the magnitude of the falls, would seem to be at the time to be put in prices a restructuring of it,” he added.

The specialist also remarked that The Equity re -quotes, in some of the assets, to multiples that “only were seen in the worst epochs of Alberto Fernández”. “The fall of the global and bonares curve could be understood a little more, in line with the non -accumulation of reservations and the BCRA selling on the roof of the band,” concluded the specialist.

According to Rafael Di Giornodirector of Investment Professionthe market entered these junctures in ‘Panic Selling‘ (panic sales) and said that the political leg also makes a dent in the quotes. For the expert, While it was discounted that deputies would reject the vetoes of university financing and pediatric emergencythe number of votes against the government were greater than expected. In turn, he pointed out that “the news was given that the BCRA began selling on the roof of the band and the market already ‘Pricea’ other scenarios.”

Adrs and S&P Merval

Meanwhile, most Adrs fell into Wall Streetwith him Galicia Financial Group at the head (-3%), followed by Macro Bank (-2.9%) and Supervielle Group (-2.5%). Meanwhile, IRSA He climbed 3.2% after the announcement of a millionaire investment in the purchase of a shopping center was well received by the operators, while Telecom Argentina It rose 3.4%.

The ADRs that further down in the week were YPF (-11.9%); Galicia Financial Group (-11.7%); Edenor (-10.9%); and Port Central and Macro Bankwith decreases of 10.3% each. At the far end, Cresud advanced 3.9% and IRSA 0.1%.

He S&P Merval It retreated 0.7% to 1,683,959,610 points, while its dollar counterpart fell 0.9% to 1,074.60 points. The roles that lowered were: Passener (-5.2%); South gas transporter (-4.8%); BBVA Bank (-4.7%); Metrogas (-3.6%).

The economist Gustavo Ber He said that The main banks are maintained in the center of the volatility scenesince “The reactions amagues have been barely ephemeral, since the strong liquidations quickly reappear.”. As for the assets of the Buenos Aires Stock Exchange, he assured that they continue “Disconnected from the world”, From the political noises that have been stunning local operators.