The market lost the euphoria that took place this week against the announcement of the salvage that the US could provide to Argentina, when this Friday the BCRA reinstated a part of the exchange rate for savers.
Argentine Companies ADRs erase the initial upward trend of this Friday and score losses of up to almost 6% in Wall Street, while the Bonds in dollars go down and the country risk exceeds 1,000 basic points. Is as a reaction to the decision of the Central Bank (BCRA) to reinstate a part of the exchange rate for savers.
In New York, The ADRs operate with a majority of descents, with Supervielle Group heading the falls, with 6.4%, followed by IRSA (-4.9%), and Banco Macro (-4.1%).
The change in trend happened when, after noon, The BCRA again generalize the cross restriction that prevents operating simultaneously in the official change market and financial dollars. The measure was already in force for companies, but Now also for “human people”which in fact reflects a certain hardening of the exchange rate.
Bonds and Risk Country
For fixed income, the sovereign bonds In dollars they operate with a majority of losses: the Bonar 2029 BACK -1.7%; The Global 2030, which falls 1.5%; he Bonar 2038 It does 1.4%.
He country risk It is located in 1,013 basic points (PB), which marks an advance of 85 bp and a variation variation of 9.16% in the last 24 hours.
Treasury Debt Bidding
The market will also focus this Friday in debt tender in pesos, where the treasure seeks to renew about $ 5.6 billion. On Thursday the Secretary of Finance, Pablo Quirno, announced the inclusion of three new bonds tied to the dollar in the offer of this placement. It’s about Three bonds to October 31 (D31o5), November 28 (D28n5) and December 15 (TzVD5), in the middle of a greater appetite for coverage observed this Thursday the futures market.
“We observed a reversal of the positive trend that Argentine assets had shown in recent weeks. However, in an adverse day for local markets, Both Bopra Bopreal bonds and the instruments that offer exchange coverage registered high demand, which prompted the government to even increase the supply by DLLK instruments for today’s tender“They explained from Delphos.
The agro -export sector will have until Tuesday of next week to liquidate 90% of the US $ 7,000 million declared under the retentions scheme in 0%. On Thursday, the agro -export sector completed a record greater than US $1 billion. “As a counter, there was a strong demand for coverage instruments. Since cross restriction still governs companies, the alternatives available for cereals are reduced to future dollar contracts and dollar linked bonds“They explained from the same report.
Source: Ambito
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