In the external context, Markets were calmer after Russian President Vladimir Putin noted there were “certain positive turns” in talks with Ukraine amid rising geopolitical tensions.
In the fixed income segment, sovereign titles in dollars sealed their third consecutive day with promotions, in a wheel in which they went from highest to lowest. Thus, the podium of advances was led by the Global 2035 (+0.7%); Global 2029 (+0.6%); and Global 2030 (+0.5%).
“The progress in the agreement with the IMF is promoting portfolio recompositions in (Argentine) bonds, which are trading at lows and with high returns, at a time when fears of a default are recedingsaid an operator.
The new agreement with the IMF, which seeks to be approved before the due date of some 2,800 million dollars on March 22, establishes a grace period of four and a half years and extends disbursement payments to 10 years, therefore that the country will begin to cancel the debt in 2026 and will end in 2034. The implementation of the understanding will require meeting growth goals, lowering inflation and adding reserves to the central bank, among other guidelines.
“Political support for the agreement is a sign, perhaps not to solve fundamental issues, but at least to show that the internal dialogue to avoid greater evils. In the Senate, the vote should be less traumatic, so that later the ‘board’ of the Fund also gives the go-ahead”, synthesized a financial analyst.
For his part, the argentine country risk prepared by the bank JP.Morgan lost 30 basic points, to 1,796 unitsbefore a minimum of 1,083 points scored in 2020 after the closing of the debt swap and a maximum of 1,991 points scored at the beginning of the week.
“After (parliamentary approval remains) the stage of implementation of the ‘macro’ convergence measures that will be challenging and will require broad support from the main forces due to the associated costs”said an operator.
S&P Merval and ADRs
In the stock market, meanwhile, the leading stock index S&P Merval fell 1.4% to 88,999.06 points, by selective profit-taking after a bullish start and after gaining 3.5% in the previous session.
On Wall Street, in turn, the papers of Argentine companies operated with a mixed trend: the main increases were registered by Bioceres (+3.5%); and Grupo Financiero Galicia (+0.7%); on the other hand, the most important decreases were recorded by Pampa Energía (-4.2%); and Free Market (-2.3%).
In the external context, the markets reacted positively after Russian President Vladimir Putin signaled progress in the negotiations with Ukraine.
Source: Ambito
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