In the external context, The markets operated with high volatility due to little progress in the diplomatic negotiations between Russia and Ukraine, and while the US is studying imposing more restrictions on trade with Russia (it will evoke the Russian status of “permanent normal commercial relations”).
Despite this, 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 increases was led by Global 2035 (+0.7%); Global 2029 (+0.6%); and Global 2030 (+0.5%).
During the week, global bonds accumulated a gain of 5% on average, with the Global 2046 standing out, which climbed 6%.
“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 nine basic points, to 1,816 unitsafter reaching 1,796 earlier.
“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.
In the segment of pesos, dollar-linked sovereign bonds traded little volume and remained practically unchanged, highlighting TV22, which rose 0.5% during the week. At closing prices, TV22 yields -1.6% tna, T2V2 +0.13% tna and TV23 +0.83% tna, SBS reported.
On the other hand, bonds in pesos with CER adjustment operated takers in the short part of the curve (+0.3%), offered in the medium section (-0.5%) and again takers in the long section (+0, 6%). During the week, bonds registered a rise of 0.8% in the short section and a fall of 1.5% in the medium and long section of the curve.
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.
Among the most outstanding decreases appeared Pampa Energia (-5.2%); Macro Bank (-3.7%); and Holcim (-3.3%). On the contrary, the rises were led by Comercial del Plata (+4%); Cresud (+2%); and Ternium (+1.4%).
In the week, the leading indicator fell 0.6%, but jumped 5.6% measured in dollars at the CCL implicit exchange rate.
On Wall Street, in turn, the papers of Argentine companies closed with most setbacks: the main falls were registered byPampa Energia (-5.2%); Free Market (-4.3%); Macro Bank (-3.4%); and YPF (-3.3%).
Only three stocks ended up: Bioceres (+5.9%); Edenor (+1.9%); and IRSA Commercial Properties (+0.8%).
The New York Stock Exchange ended lower in a new week of great volatility, unable to find momentum before the weekend. The Dow Jones lost 0.7%, the technological Nasdaq 2.2% and the S&P 500, 1.3%. The latter accumulated a drop of 2.9% during the week.
For its part, the 10-year bond rate rose 1 point to 2%, while WTI oil rose 3% to US$109.25, although it accumulated a 6% drop in the week
Source: Ambito
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