In turn, operators estimated that the referential indicator will continue immersed in an upward path of prices for the remainder of the year, although with selective profit-taking. Thus, in the leading panel, the biggest increases were for Transener (+9.3%), Transportadora de Gas del Norte (+6.4%), and Grupo Financiero Valores (+3.9%).
During November, the biggest increases were for energy papers. In the leading panel they led the rises Transportadora de Gas del Norte (+45.4%), Transener (+31.5%), Sociedad Comercial del Plata (+21.8%), Transportadora de Gas del Sur (+20.5%), and Pampa Energía (+19.5%). In the general panel, meanwhile, the main increases were Distribuidora de Gas Cuyana (+52%), Camuzzi Gas Pampeana (+51.3%), and Metrogas (+29.3%).
What could happen in the short term? Santiago Llul, market analyst, in dialogue with Ámbito said that there is an awakening in the exchange rate and there is a kind of caution what will happen “Surely many operations will happen in the MEP And if we do not reach an agreement with the Fund and the soybean dollar does not settle what it has to settle, there will be great uncertainty, people would return to dollarization and redeem funds in pesos“, said.
This could lead to an increase in the volume of cedears, although he relieved, “people understood that it is an asset that is also subject to variable income.” “When we talk about good yields we talk about energy. There are many assets with good returns such as Vista, Pampa, YPF but the gateway to the Merval, which is the action of Banco Galicia, is not showing a great reactivation,” he added.
Bonds and country risk
“Increasing in demand (reflected in bond prices) was caused by players who began to position themselves already thinking about 2023, added to a favorable context of emerging fixed income”said Maximiliano Donzelli of IOL Invertironline.
Bonds in dollars registered increases this Thursday of up to 7.7% thanks to the Global 2035, followed by the Global 2046 (+4.6%), the Bonar 2029 (+2.5%), and the Global 2029 ( +2.4%). For his part, country risk measured by the bank JP Morgan lowered 36 units, to 2,212 basis points, the lowest since July 20 when it closed at 2,213.
during november sovereign bonds in dollars had an average yield of 17.7%. “The setting up of positions occurred in a context where the parities were at historically low values,” Maximiliano Donzelli said about the analysis of the month.
The main increases in November were for the Global 2030 (+24.9%), the Bonar 2029 (+21.4%), the Bonar 2041 (+21.1%), and the Bonar 2030 (+21%).
“Dollar-denominated bonds ended with very positive returns measured both in pesos and at parity, with recoveries of approximately 30% in the middle section of the curve“, explained tavelli in your report.
In the meantime, bonds in pesos operated with good volume in the shortest tranche: sovereigns dollar-linked they showed good demand and rose an average of 1.3%, said Grupo SBS. The dual, for their part, rose an average of 1.1% along the curve. Finally, the CER bonds they rose 0.7% in the short section (short leceres and bonceres) while the long section gained 3%.
Source: Ambito
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