For his part, Argentine papers listed on Wall Street are trading with the majority of increases. The rises are led by Banco Superville (+4.1%), Loma Negra (+2.5%) and Despegar (+2.5%).
“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.
Bonds and country risk
In the fixed income segment, meanwhile, Sovereign bonds dollar nominees are listed mixed. Among the most outstanding advances of the day appeared by Global 2041 (+1.4%); and Global 2030 (+0.4%).
In that framework, the Argentine country risk measured by JPMorgan it was down 1% to 2,376 units.
Source: Ambito
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