This “first tender of the month gave the Treasury a net financing of 17,000 million pesos offering a ‘Lelites’, a ‘Ledes’ and a ‘Lecer’ (…) With this menu of instruments, we see that the Treasury continues to offer short-maturity securities and slightly increase rates so as not to lose attractiveness“, said the consultancy Delphos Investment.
The same source added that “the next two months present more challenging maturities for the Treasury and where we expect a possible voluntary swap” of debt. The long-term rate paid averaged 87.2% annual nominal, compared to the current 75% for the reference rate of the central bank (BCRA).
“Anyone who wants to take risk, Argentine bonds are attractive, but the lack of liquidity and the fear of any default makes them less attractive. For this reason, there are only days when opportunity purchases emerge, without ruling out the presence of the so-called ‘vulture funds'”explained a financial agent.
S&P Merval and ADRs
The Buenos Aires bag It operates on the rise this Thursday and short a two-day losing streak due to direct purchases of energy and financial shares, in a context altered by the divergences in the local economy. The S&P Merval Index It rose 0.4% to 137,086.54 points, after losing almost 2% during the previous two sessions. In the leading panel, the largest increases were for Grupo Financiero Galicia (+2.7%), YPF (+2.1%), and Transportadora de Gas del Sur (+2%).
Operators await possible new measures that will help curb the galloping inflation of almost 100% by 2022, apart from the high fiscal deficit and the defense of the reserves of the central bank (BCRA).
For their part, the Argentine stocks traded mixed after starting the day with strong increases. Major international indices were trading volatile, following the brief shock of Liz Truss’s resignation as UK Prime Minister.
In that framework, The Argentine papers that rose the most in New York were Grupo Financiero Galicia (+2.3%), Ternium (+1.9%), and YPF (+1.8%). On the contrary, those leading the declines are Edenor (-2.3%), Telecom Argentina (-1.7%), and Banco Supervielle (-1.1%).
Source: Ambito
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