The Argentine Economy Minister, Martín Guzmán, will travel to France next week to hold negotiations with the Paris Clubwith which the country maintains a debt close to US$2.4 billion that it intends to restructure, a government source said on Wednesday.
The external markets closed with a majority of losses after some referents of the US Federal Reserve advocated faster increases in interest rates to contain inflation. In turn, a series of recent data continued to paint a gloomy picture for the economy of the North American country.
As for the Argentine companies listed on Wall Street, the majority of declines were recorded. Thus, the papers that led the losses were Tenaris (-3.2%), Transportadora de Gas del Sur (-3.1%) and YPF (-2.6%).
Official sources indicated that the interventions of the BCRA, and the coordination of measures with the Common Investment Funds, together with the successful result in Tuesday’s tender by the Treasury, consolidated the recovery of Argentine debt securities.
Thus, the sovereign debt in foreign currency ended the day with the majority of increases. The biggest increases were for Global 2041 (+5.6%), Bonar 2030 (+4.6%) and Global 2030 (+4.1%).
The Argentine country risk prepared by the JP. Morgan bank showed a slight upward trend and stood at 2,451 pointsafter scoring its all-time high of 2,508 units on Tuesday, in a clear scenario of fears of debt default.
As for the bonds tied to CER, this session closed mixed. The rise of the TX28 (+1.9%) and the TX26 (+1.5%) stood out. For its part, the one that fell the most was PAP0 (-4.7%).
operators said that the BCRA managed to buy some US$560 million, the highest figure since December 20, 2016to accumulate in the week a favorable balance of almost US$1,000 million and drag in June acquisitions for some US$400 million.
A financial agent of the foreign bank maintained that “It’s time to cover yourself in securities tied to the CER (inflation), or directly take refuge in the ‘CCL’ (exchange rate) or dollarize, because everything is very cheap for what is ahead“said a financial agent of the foreign bank.
“Beyond the adjustment that the returns of the fixed-rate instruments had, the risks remain very high. In terms of the term of the investment, the long-term returns do not compensate for the uncertainty that exists,” said the settlement agent and Neix compensation.
Source: Ambito
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