The market went from the euphoria at the beginning of this week after the announcement of the salvage that the US, to the maximum prudence this Friday, when the BCRA reinstated a part of the exchange rate for the savers.
The ADRS of Argentine companies erased the initial upward trend of this Friday and scored losses of up to 7.2% in Wall Street, while the Bonds in dollars came down and the country risk exceeded 1,000 basic points. It was in response to The decision of the Central Bank (BCRA) to reinstate a part of the exchange rate for savers.
In New York, The ADRs operated with a majority of descents, led by Supervielle Group (-7.2%); IRSA (-5.9%); Edenor (-5.3%); BBVA Bank (-4.5%); and Macro Bank (-4.2%).
In turn, S&P Merval in dollars fell 3.2% to 1,228 points (rose 1.9% in pesos). Anyway, In the week Merval jumped 13.4% in hard currency, product of financial salvage for Argentina announced by the US.
The change in trend this Friday towards the casualties between the Argentine papers 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.
The new regulation establishes that those who buy dollars through the MULC will not be able to arrange operations with securities in foreign currency during the next 90 calendar days. In simpler terms, the well -known “cross restriction” reached human people again, so Entities must demand from their clients a sworn statement in which they commit themselves not to carry out direct, indirect or third parties with third parties in foreign currency From the moment they request access to the Mulc and during the 90 days later.
“A priori, we believe that this will further broaden the existing gap between the official dollar and the financial dollars,” they evaluated from PPI.
In addition, The official exchange rate fell, despite volatility, until positioning in $ 1,326. Measured weekly, it sank 10.1%.
Bonds and Risk Country
For fixed income, the sovereign bonds in dollars closed with generalized casualties: the Global 2046 5.6%retreated; he Bonar 2041 (-5.2%); and the Global 2030 (-4.6%).
However, after the strong support that the Government received by the Trump administration and multilateral organizations such as IDB and the World Bank, the titles advanced 18.6% in their weekly measurement.
Thus, the country risk He jumped 8.3% this Friday to 1,058 basic points (PB)although in the week he accumulated a drop of 27.3%.
Besides, The Ministry of Finance announced Friday that it awarded $ 7.34 billion in the tender of the Treasury. This amount represents a “Rollover” of 130.2% on maturities.
Source: Ambito
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