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 S&P Merval stock index fell 0.3%, to a provisional close of 136,138.78 points, after a slightly bullish start. The leading benchmark thus accumulated a drop of 2% in the last three business sessions. In the leading panel, the greatest decreases were for Transener and BYMA with 1.9%.
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 closed mixed after starting the day with strong increases. The main international indices traded with volatility after shock by the resignation of Liz Truss as Prime Minister of the United Kingdom.
In that framework, The Argentine papers that fell the most in New York were Edenor (-2.3%), and Banco Supervielle (-2.2%). The largest increases were for Grupo Financiero Galicia (+2.3%), and Ternium (+1.8%).
Source: Ambito
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