The improvement in the market was led by companies with good liquidity that are listed abroad, operators commented.
“Attention continues to be focused not only on the evolution of net reserves (of the central bank) towards the second semester, but also on the possibility of recovering the appetite for local debt,” said Gustavo Ber, an economist at Estudio Ber.
An improvement in the debt is “indispensable in the face of challenging roll-overs, since tenders are the only voluntary financing available to avoid inappropriately accelerating the pace of monetary issuance in the face of already high inflation,” he added.
On Tuesday, the Ministry of Economy will carry out a tender for treasury titles in which it will seek to cover maturities for some 243 million pesos.
On Friday, the board of the International Monetary Fund (IMF) approved the first revision of the agreement with Argentina for a debt of US$44 billion, a source with knowledge of the matter confirmed to Reuters.
In addition, the Ministry of Economy managed in the last two days to reduce debt maturities that the Treasury must face next week to only 40%, after two swap operations for $362.5 billion (about $2.923 billion).
“The decline in the market is worrying, buyers do not appear because the indicators of the inflationary economy and the internal political problems grow daily,” synthesized a banking analyst.
In turn, Synopsis Consultores, in its latest report, indicated that “the leadership of the president (Alberto Fernández is) at its worst moment,” and added: “His popularity at the worst moment of the entire cycle, alternative candidates for (the presidential elections of) 2023 and Kirchnerism (led by Vice President Cristina Fernández) threatens to put obstacles in its economic program.
Bonds and country risk
Argentine bonds in dollars sank sharply this Friday, and scored new historical lows, with which the country risk approached 2,400 points. This happened in the face of a constant disarmament of positions among investors due to the country’s economic and political situation, added to global uncertainty given the growth in inflation.
Official sources confirmed to Ámbito that both the Central Bank and Anses were intervening in the curve of these titles in pesos in the purchase of these titles. “The yield curve in pesos is being defended,” they maintained, while denying that the entity had sold bonds in dollars against pesos, as indicated by some reports in the market.
In this context, bonds in dollars sank up to 9%, thanks to the Global 2046. The Bonar 2035 (-5.6%), the Global 2038 (-4.2%), and the Bonar 2035 also fell sharply. Bonar 2030 (-4.1%). These stocks pierced prices based on the start of trading with a giant restructuring in 2020. CER-adjusted bonds also saw a heavy indentation. The ones that sank the most were the TX26 (-7.5%) and the TX28 (-6.1%)
Source: Ambito
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