YPF, whose shares gained 4.9%, reported after the close on Wednesday that its profit almost tripled in the third quarter to $678 million. Total revenues totaled 5,179 million dollars in the period, 43% more than those reported between July and September 2021.
Among the shares leading the increases, those of Cresud (+6.9%) stand out in first place, followed by those of YPF (+4.9%) and those of Transener (+3.2%).
Meanwhile, the shares of Argentine companies listed on Wall Street are mixed, with increases of up to 8.5% and falls of up to 7%. The papers that climb the most are those of Globant (+8.5%); Free Market (+7.9%) and Cresud (+2.8%).
On the contrary, among the casualties, the actions of Black Hill (-7%); Transportadora de Gas del Sur (-6.5%) and Despegar (-4.1%).
In the midst of a difficult liquidity scenario with a cut in the purchasing power of wage earners and more among the indigent, the Government launched an expected debt swap to clear clouds in the last two months of the year.
The proposal of Ministry of Economy with the voluntary debt swap for bondholders maturing in November and December of this year is to give others with amortizations in June, July and September 2023, through the operation for about 1.5 billion pesos (about 9,371 million dollars ).
The Treasury is betting on extending maturities between seven and 10 months with the announced debt swap, at the cost of once again offering instruments that offer the highest yield between the devaluation of the official exchange rate and inflation.
“We expect a high participation from official entities (with the voluntary debt swap on Thursday) and to a lesser extent from institutional investors and banks,” limited a financial agent.
Javier Timerman, a partner at Adcap Grupo Financiero, stated that “in an economy with a foreign exchange trap, the Government is on the path of offering instruments with inflation and dollar coverage, but they are transitory solutions (…) We have to start thinking about medium-term solutions, because unrest is created by appealing to the local debt market”.
Bonds and country risk
In the fixed income market, dollar bonds operate with widespread increases. Among the increases stand out the Bonar 2030 (+1.5%); Global 2030 (+1.5%) and Global 2038 (+0.7%).
Meanwhile, the country risk measured by JP Morgan banking rises 53 units to 2,536 basis points.
Source: Ambito
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