The ADRs and bonds in dollars fell on Thursday to a predictable profit taking and a bad external climatewhile market still processs the saveing ads from the US, still pending final approval, in a context where the City insists that the Treasury maintain the currency’s pace.
In this context, The dollar titles fell entirely and scored falls of up to 6.9% headed by the Global 2046followed by the Global 2035 (-4.9%), and Bonar 2035, Global 2038 (-49.1%). Thus, the country risk It rose to 956 basic points this Thursday.
Despite the ads of Scott Besent About the open possibilities for help to Argentinawhich can include a swap for US $ 20,000 million and a purchase of sovereign bonds, from Criteria They pointed out that “Relevant questions persist”.
“The political front continues to be characterized by a high uncertainty regarding the capacity of the ruling party to achieve a forceful electoral result in October”warned and added: “The definition of what will be the monetary and exchange scheme that Argentina perhaps adopts after the legislative” is still open, “.
S & P Merval and Adrs
He S&P Mervalon the other hand, he gave 4.1% to 1,767,848.42 points and his counterpart in dollars did it 4.9%, where the shares with the highest falls are those of Silver Commercial Society (-9.8%), Passener (-9.5%), Metrogas (-9%), Supervielle Group (-8.2%) and South gas transporter (-7.9%).
Meanwhile, the ADRS They also fell generalized up to 8.8% led by BBVA Bank, Edenor (-8.4%), Supervielle Group (-7.8%); Galicia Financial Group (-7.4%) and Port Central (-4.7%).
IEB salts, Nicolás Cappellahe said in X that the wheel was marked by “corrections, gain and uncertainty.” “The rally took a break and today we had casualties in the HD bonds, curve of pesos and actions”added the specialist.
In addition to taking profits by the operators, Cappella understands that among the reasons is also a “ugly international context” For the wheel, “The discontent of agricultural producers” After the new changes in retentions and “The impatience of the market that wants to know how many dollars the treasure has bought and with how many will stay from the US $ 7000 million that cereal sells”in addition to “the Coverage demand against the dollar which began to happen today and that a rise of the exchange rate is already price when the “US $ 7,000 million blocks are settled.
Expectation for the tender of the treasure and the level of rates
Next Fridaythe treasure will carry out a new tender of titles, since Face maturities for $ 5.6 billionwith an offer includes four LECAPS/BANCAPS With expiration in Nov-25, Jan-26, ABR-26 and Ene-27, in addition to a Dollar-Linked bonus with expiration in ABR-26, aimed at exporters, who would buy it to cover their recent sales.
In this regard, from Max Capital They stressed that all instruments beat after the mid -term elections, and that, prior to the announcement, The BCRA reduced the “simultaneous” overnight rate to 25%, which “suggests the beginning of a rate standardization process that should be reflected in this tender”although “it is likely that smaller -term instruments still have higher rates.”
Source: Ambito
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