The bonds record general declines of up to 5.2% led by the Global 2029, followed by the Global (-4.8%), and the Bonar 2030 (-3.7%).
“The market is red hot, with a central bank selling dollars and intervening in bonds in pesos to try to maintain their prices (…) It is urgent to calm financial variables“, maintained the economist Rodrigo Álvarez.
In this framework, Argentine sovereign bonds plummeted an average of 2.5%, with disarming of portfolios in titles denominated in any currency, deepening fears against the tremendous beating of the negative 13% that the market had in June.
“In New York, Argentine bonds started reflecting the drop we had yesterday (Monday in Buenos Aires). It will be necessary to see if they deepen the fall (…) all in a context of falling international markets,” said the financial analyst Christian Butler.
The parities of public securities have never been seen since the debt restructuring in September 2020, so official entities such as the BCRA and ANSES appear as the only genuine buyers to put a stop to the debacle.
Guzmán’s resignation as head of Economy and the appointment of Silvina Batakis as head of the portfolio with a more heterodox profile, generates a climate of nervousness in the financial market. Batakis is considered close to the vice president, the most powerful politician in the government coalition and a staunch defender of the state’s intervening role in the economy and the expansion of public spending.
ADRs and S&P Merval
In this context and as expected, the Argentine papers listed on the Wall Street collapsed up to 10% led by Cresud, followed by Pampa Energía (-8.9%), Tenaris (-8.1%) and YPF (-7.5%). In contrast, the Mercado Libre, Globant and Despegar shares rose up to 4.6%.
The Buenos Aires stock market shows an upward trend due to opportunity purchases. The S&P Merval stock index it rises 1.6%, to 90,549.14 points, against a fall of 1.02% on the day before after the appointment of the new minister.
Source: Ambito
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