“The new minister will now have to show concrete results in terms of reserves and fiscal consolidation -among other issues-. Without these, it will be difficult for Argentine assets to fully recover”said Emiliano Anselmi of Portfolio Personal Investments.
It should be remembered that on Tuesday the Ministry of Economy today managed to exchange debt securities for two billion pesos that expired in August, September and October, with a participation of 85%, through the placement of “dual bonds” with which it postponed those payments for 2023 and that will allow it to face commitments for 479,991 million pesos in the next three months.
This was reported by the portfolio led by Sergio Massa through a statement in which he reported that the investor interest was reflected in the 1,233 offers received for US$15,662 million, which is equivalent to an effective value of two billion pesos. . The Treasury had to face maturities for 615,862 million pesos this month, another two billion 123,801 million in August, and 807,068 million in October.
“After this conversion operation, it managed to reduce projected maturities to 115,318 million this month, to 209,337 million for the next, and 155,336 million in October,” the official information added.
While, Wall Street rose more than 1% on Wednesday after data showed US inflation slowed more than expected in July, raising expectations that the Federal Reserve will be less aggressive with interest rate hikes.
A sharp drop in the cost of gasoline helped keep the US consumer price index flat last month, after rising 1.3% in June, the Labor Department reported.
In the fixed income segment, dollar-denominated bonds traded lower, led by the Bonar 2035 (-3.5%); while titles in pesos fell to 1.8% led by the Bonar 2029.
Meanwhile, the shares of Argentine companies listed on Wall Street ended the round unevenly this Wednesday, with increases led by Mercado Libre (+7%), followed by Banco Supervielle (+5.9%) and Despegar (+3.5%).
On the contrary, the declines were led by the Central Puerto ADRs (-3.4%); Telecom (-2.9%) and Banco Macro (-2%).
For his part, the risk country fell 0.2% to 2,464 basis points.
Source: Ambito
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