Operators said that the 100% inflation projected for 2022, a notorious weakness of the Argentine peso and the weak level of the central bank’s (BCRA) reserves are major conditioning factors on the financial scenario.
In this sense, S&P Global affirmed the foreign currency rating of ‘Ccc+’ for Argentina’s sovereign debt, while it reduced the local currency rating to ‘Ccc-‘ with a negative outlook.
Likewise, The shares of Argentine companies listed on Wall Street sink up to 4.8% thanks to Pampa Energía. Behind them are the shares of Mercado Libre (-4.2%) and those of Globant (-3.2%).
Bonds and country risk
Argentina’s sovereign bonds sink to 1.3% this Thursday after a streak of five consecutive rises encouraged by attractive returns in a positive global context for risk investments.
Thus, in the fixed income market, the bonds in dollars that fell the most are the Bonar 2030 (-1.3%); the Global 2038 (-1.2%) and the Bonar 2029 (-1.1%).
Meanwhile, the country risk measured by banks JP Morgan falls 1.7% or 42 units to 2,385 points.
This Wednesday, in addition, the Central Bank ended with purchases for US$5.5 millionas confirmed by official sources, after thirteen consecutive rounds with a negative balance. It should be remembered that the BCRA it sold US$48 million on Tuesday and so far in November it has accumulated sales of US$911 million.
Among the local novelties, the Argentine president, Alberto Fernandezqualified as a “good meeting” the one he had in Bali with the managing director of the International Monetary Fund (IMF), Kristalina Georgievaand said that the country “complies with the objectives proposed before the credit agency”.
However, for Moody’s, the Argentine government should freeze deposits in pesos. “With the amount of pesos that there are, the central bank and the Government can come to the conclusion that they have no choice but to limit access”said the analyst of that risk rating agency, Gabriel Torres, in a webinar.
Source: Ambito
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