In this context, bonds in dollars fell to 7.1% thanks to the Global 2029, followed by the Global 2030 (-4.9%), the Bonar 2029 (-3.7%), and the Bonar 2030 (-3.6 %). Titles accumulate a fall of 18% since last April. These values have not been seen since the debt restructuring in September 2020, so official entities such as the BCRA and the ANSES appear as the only genuine buyers to put a stop to the debacle.
The country risk carried out by the JP. Morgan bank traded with an unusual jump of 249 basis points, to a record of 2,593 units, compared to the initial 1,083 points two years ago.
“The uncertainty caused by the departure of (Economy Minister Martín) Guzmán on Saturday and the presentation of a minister who seems not to change anything, did nothing but dye the peso market red once again”said brokerage StoneX.
Regarding titles in pesos, there were strong rises thanks to the CUAP (+8.5%), the DICP (+4%), and the PARP (+3.6%). However, the outlook is not very encouraging. According to Gustavo Ber, “the greatest concern in the short term is the negative dynamics of titles in pesos, even with strong official interventions that seek to cushion its impactas they could raise the risks of managing the hefty roll-overs ahead”
ADRs and S&P Merval
In this context and as expected, the Argentine papers listed on the Wall Street collapsed up to 7.6%, led by Pampa Energía, followed by Cresud (-7.4%), and Tenaris (-7%). In contrast, Mercado Libre’s shares rose 8.1%, while Despegar’s grew 3.4%.
The Buenos Aires stock market closed higher due to opportunity purchases. The S&P Merval stock index it rose 4% to 92,689.47 points, against a drop of 1.02% the day before after the appointment of the new minister.
Source: Ambito
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