Financial and exchange tension quickly reinstated this Wednesday and Argentine bonds in dollars deepened their falls At the beginning of October, after what was a month of September to forget. In addition, most of the ADRS of Argentines who quote on Wall Street They closed in red.
Among the sovereign titles in Wall Streethe Bonar 2030 leads losses with a 7.1%collapse, followed by the Bonar 2041 (-3.2%), the Bonar 2038 (-2.1%); he Bonar 2035 (-1.3%) and the Global 2038 (-1.3%). In contrast, the Bonar 2029 won 0.2%. At the local level the panorama was similar, but there were raises up to 1.9% among the global.
In this context, the country risk is located around 1,230 basic points (PB) between pre -election uncertainty and concern for the sustainability of the current exchange scheme. The last closed data of the country risk (EMBI, prepared by JP Morgan) of September 30 showed a value of 1,222 bp and showed a rise of 9.6% with respect to the previous registration.
The salts trader of IEB Group, Nicolás Cappellahe pointed out that although the dollar titles began opened with strong casualties of up to 3%, throughout the day demanded demand and finished the wheel with some green in the local square. “Interest in the Trade of Change of Legislation (Sell GD30 to buy a30, Bono, but a New York jurisdiction and the other of the local law) was noticed again)which in some bonds reached 10%, “he added.
As for the Curve Pesos, the specialist said that it marked the same dynamic, with a heavier start, but also improved in the passing of the day. “It ends a little mixed, with slight red, but without consolidating rebound”he said. This Wednesday, the dollar counted with liquidation (CCL) and the MEP They rose strong and closed to $ 1,574.02 and $ 1,523.00, respectively.
From Max Capital They stressed that Government interventions at the exchange levelcombined with the last sales day under tax exemption, caused disruptions in the local market last Tuesday.
Meanwhile, they highlighted that expectation of a weaker currency after the electionseither under a flotation scheme or by new exchange restrictions that imply a CCL higher, They promoted the rates in the middle and long part of the peso curveas well as implicit rates in futures.
ADRS AND LOCAL ACTIONS
For its part, the ADRS They closed with almost totality of casualties, and the falls were headed by: Supervielle Group (-5.3%); Macro Bank (-4.5%) and Edenor (-3.5%). A counterfeit, Telecom Argentina It rose 0.1%, being the only ADR in green terrain.
At the local level, The S&P Merval It retreated 0.5% to 1,764,589,850 points, while its counterpart in dollars did 2.5% to 1,121.74 points following the CCL jump. Local assets retreated mostly: Supervielle Group (-3.4%); South gas transporter (-2.2%) and Galicia Financial Group (-1.8%).
Source: Ambito
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