The titles tied to the evolution of the official dollar are still in the radar of investors, in a scenario with uncertainty about the current exchange scheme.
The exchange volatility of the last weeks, which came to the official dollar to the roof of the band and the financial ones to new annual maximums, aroused the doubt of the investors with respect to the Linked dollar bond potential as an alternative of coverage. The specialists’ response is quite clear: They are not very attractive titles.
According to the financial consultant Omar de Luccaone of the problems of the Linked dollar bonds is that They do not provide protection against a MEP and CCL dollars. “What I see is a stability in the official dollar from here to October because it is tied a little to the new agreement with the North American Treasury. What I do see is a very large exchange gap. So, when the exchange gap begins to expand, it loses attractive a Linked dollar bonus because ultimately you will pay much more a financial dollar or a parallel dollar. I do not see it attractive now,” he summarized.
For its part, the financial advisor Abel Cuchietti He pointed out that these fixed income assets do not seem interesting because, in case the official dollar acts, Coverage would not be effectiveas happened when Javier Milei assumed in December 2023.
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“I do not usually recommend the dollar Linked. We already had an account when Milei assumed that there was a devaluation of the officer, which is what the Linked dollar bonus captures as an increase in price or coverage. And as it was already prices at a certain way at that time, the rise impacted much less,” said the expert. And he exemplified: “The TZV26 or TZV25 have a rise so far this year of 40%, but the MEP, of 22%and the officer, of 29%.”
Beyond volatility
On the other hand, another of the inconveniences that Linked dollar bonds have is currently its Low liquiditycompared to other financial instruments in pesos that are negotiated in the capital market.
“At this time, a Linked dollar bonus in general is not as liquid as other bonds. While it is interesting as an alternative to cover itself with a devaluation of the officer, we are operating right on the roof of the band, and if a person assumes that the government will have the ability to defend the roof of the band, it does not suit him to enter a Linked Dollar Bonus. In general, the sovereign dollar Linked are the most liquid; Operate, “said the independent advisor Fernando Villar.
Source: Ambito
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