June was a complex month for the local financial market due to the collapse in bonds and the evident weakness of the pesowhere the stock round sought to be a place of refuge among highly liquid assets, operators said.
The country’s economy is experiencing a runaway inflation around 35% in the semester and it would rise above 75% in the year, in a context of exchange rate traps and internal disputes in the ruling coalition.
bonuses
The dollar bonds They rebounded strongly this Wednesday, trying to escape from their historical minimum levels tested on Tuesday, while titles in pesos continued to stabilize after official intervention. Meanwhile, the Argentine stocks on Wall Street recorded widespread declines, due to signs of mistrust among skeptical investors about the future of the local economy and signs of a global recession given the rise in inflation.
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 auction by the Treasury, consolidated the recovery of Argentine debt securities.
A) Yes, sovereign debt in foreign currency ended the day with the majority of increases. The main increases were for Global 2041 (+5.6%), Bonar 2030 (+4.6%) and Global 2030 (+4.1%).
The Economy Minister, Martin Guzmanwill 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.
As for the bonds tied to CER, this session closed with the majority of increases. 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%).
The highlight of the day was 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 is time to hedge in titles tied to the CER (inflation), or directly take refuge in the ‘CCL’ (exchange rate) or dollarize, because everything is very cheap for what is coming for ahead,” said a financial agent from 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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