This Friday, however, bonds in dollars ended the day with strong increases of up to 7.1%, thanks to Global 2046 and Global 2038. For their part, titles in pesos closed mixed but marked increases of up to 4.3%, due to TX28, and followed by TX26, with a rise of 3.8%. In this context, the country risk fell 2.2% to 2,374 basic points.
CER bonds come from suffering a large sell-off last month after bailouts in common investment funds and fears about an eventual reprofiling. This forced the BCRA and Anses to intervene with strong repurchases to stabilize the market. The falls of these titles, the same, reached almost 29% (Quasipar). Only the shortest bonds were saved, which gained up to 3.5% (T2X2).
According to Gustavo Ber, “The bonds sought to extend the recovery that they have been testing in the last rounds”, for which “the country risk manages to be below 2,400 points, a level that is still sky-high”. Simultaneously, he expanded, “The evolution – and official interventions – of the debt in pesos is monitored, since a rapid recovery of investor appetite is crucial in the face of challenging roll-overs”.
Stocks and ADRs
The S&P Merval Buenos Aires stock index managed to rise 1.8%, and closed at 90,050.78 units; which implies a slight respite from the fall of 4.2% noted in the previous month and an advance of 9% this week. In the leading panel of the local stock market, the rises were led by the papers of Sociedad Comercial del Plata (+6.9%) and Pampa Energía (+5.5%).
This Friday, the total volume in Variable Income was $4,290 million, of which $816 million corresponded to shares of Argentine companies and $3,474 million to Cedears.
The ADRs of Argentine companies on the New York Stock Exchange ended the week unevenly, with increases of up to 4.4% in the case of Pampa Energía and decreases of up to 3.2% in the share of Corporación América.
Source: Ambito
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