For its part, Argentine stocks fell on Wall Street, with falls of up to 6.9% led by YPF. Central Puerto and Tenaris follow.
Operators said that the business environment remained uncertain and volume was cut, although energy and services items have tempting prices for short-term speculative repurchase.
In this context, the Argentine country risk, prepared by the JP Morgan bank, rose 12 units, to the historical maximum of 2,277 basic points, since its launch at 1,080 units in September 2020.
The national government managed to reduce the debt maturities that it must face next week to only 40%, after debt swap operations for 362,500 million pesos (about 2,923 million dollars), in an action that surprised the market.
“The weakness in the CER debt market (linked to inflation) continues (…), weakness focused again on the ‘forced’ sales of certain FCIs (investment funds) that maintain a high exposure in bonds maturing in 2023 and 2024,” said a private consultant.
Market sources said that the central bank (BCRA) and the also official Anses pension fund were the main protagonists of the bond swap launched on Wednesday by the Ministry of Economy.
They added that, meanwhile, the head of the Treasury, Martín Guzmán, continues to speak with the banking chambers to cover next week’s maturities without problems, in exchange for a rate hike.
Source: Ambito
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