“The market is still wary of how such measures will play out in the short term, and that is reflected in prices,” Research for Trades said.
In this context, the country risk prepared by the bank J.P. Morgan it rises 28 basis points to 2,795 units, compared to a historical maximum level of 2,824 basis points noted the day before. Therefore, sovereign bonds in dollars fall up to 1% led by Global GD46 and GD29 at -0.9%.
“Sovereigns remain at minimum values since they were listed on the markets (…), and show average parities of 20.46 dollars per 100 nominal for bonds under foreign law, and an average of 20.07 dollars for titles under Argentine law,” they added.
“Consequently, returns are 33% (average) for bonds under international law and 34.5% (average) for securities under local law.”
In addition, on the day the inflation-adjusted bonds (CER) present a mixed scenario, with positive returns of up to almost 10%. Among the increases stand out, the PR13, with a rise of 2.2%, the CUAP, with a rise of 0.4%, and the TC23, with an increase of 0.2%. On the other hand, the most pronounced falls are recorded by TX26 (-1.2%), PARP (-1.2%) and DCP (-0.7%).
S&P Merval and ADRs
In this framework, the S&P Merval stock index falls 0.73%, to 106,406.35 points, after accumulating an improvement of 6.63% in the previous three trading sessions.
“The square is taking profits despite the better climate of the external squares,” said an operator who pointed out that “the (local) market is always moving in search of coverage due to the difficult economic times”. The day before, the Buenos Aires Stock Exchange interrupted the operation of deferred checks and promissory notes guaranteed by the Interavales and Intergarantías companies given that there were inconveniences in the collection, in a timely manner, of the securities guaranteed by these entities.
In the porteña bag, the leading stock index S&P Merval remained in positive territory influenced by the improvement of local ADRs listed in New York in the face of a positive external climate.
Finally, the Argentine papers listed on Wall Street operate mixed. The drops of up to 4.2% are led by Telecom Argentina and financial companies Grupo Financiero Galicia (-3.7%), Banco Superville (-3.1%) and Banco Macro (-3%). The most notable rise responds to Mercado Libre up to 5%.
Source: Ambito
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