For his part, Argentine papers listed on Wall Street operate with most falls, up to 4% led by Banco Superville, Despegar (-3.2%), Transportadora Gas del Sur (-2%) and Tenaris (-2%).
“Argentine papers have a large margin of value recovery in the medium term,”VatNet Financial Research noted.
The Government restored a special exchange rate of $230 for soybean transactions, a measure that it already ordered in September, to stimulate its foreign currency settlements and strengthen the reserves of the central bank (BCRA).
“The new edition of the ‘soybean dollar’ appears as a tool to meet the fiscal goals and net reserves with the IMF without making changes to the ‘administrative approach’ of the exchange market”Delphos Investment said.
“The soy complex would liquidate at least 3,000 million dollars adding the Central Bank a minimum of 2,000 million to the reserves”added and said that “However, the associated issue (0.5/0.7 trillion pesos) must be sterilized through Leliqs/Pases, increasing the quasi-fiscal deficit of 2023.”
In September, the Government obtained with a similar measure the income of almost 8,000 million dollars of soybean exporters, of which some 5,000 million remained for the BCRA reserves.
“The measure is ‘bread for today, hunger for tomorrow’, as was the first version of the export increase program. It is nothing more than a temporary patch to settle the macro imbalances in the short term, but without resolving the structural problems “, estimated Personal Investment Portfolio.
On the other hand, the Ministry of Economy (MECON) will hold this afternoon the last tender of November for Liquidity Letters (LELITES), Discount Letters (LEDES), and Dollar Linked Bonds.
“Today is the last and most difficult tender of the month, since everything that expires is in private hands,” said the StoneX brokerage. “The total to be renewed amounts to 262,000 million pesos. In addition, the MECON decided not to offer CER (inflation)-adjusted titles, which is what the market demands the most”he pointed.
Bonds and country risk
In the fixed income segment, meanwhile, Sovereign bonds dollar nominees They operate with a majority of increases. Among the most outstanding advances of the day appear for the Global 2038 (+2.7%); Bonar 2030 (+1.7%); and Bonar 2029 (+1.4%).
In that framework, the Argentine country risk measured by JPMorgan it falls 0.2% to 2,396 units.
Source: Ambito
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