The advances of Argentine papers were led by Cresud (+5.2%); Take off (+2.6%); and the BBVA bank (+2.4%). Among the few casualties of the day were the ADRs of Transportadora de Gas del Sur (-1.9%); YPF (-1.7%); and Telecom (-1.4%).
Amid a fresh CCL dollar pullback, BYMA’s S&P Merval Index rose 0.3%, to 198,954.53 points, against its intraday record of 208,209.17 units reached on Monday’s wheel.
This market accumulated an unusual rise of 142% last year in pesos and 42% in dollars (CCL), to become a star among the global squares.
For aggressive investors, Juan Ignacio Alonso of SBS Fondos suggests that “In 2023, the good performance of the Argentine stock market will continue, and for investors who have a long-term investment term and can withstand volatility.”
Operators agree on the current attention to the Brazilian market, where after the assumption of Lula da Silva as president, the real tends to lose value against the dollar and the Sao Paulo stock market deepens its weaknesses, trends that are detrimental to business in Argentina.
Bonds and country risk
In the fixed income segment, the dollar bonds They operate with a majority of increases. Among the advances, stand out Global 2038 (+2.1%) and Global 2020 (+1.8%). The country risk measured by JPMorgan stands at 2,169 basis points.
This Tuesday, the Ministry of Economy prepared to draw a deal considered key in the market. Thus, the portfolio was able to successfully exchange a good part of the debt maturities of the first quarter of the year, by extending at nearly $3 billion the scheduled payments of the different instruments between January and March.
The Ministry of Economy managed to reprogram payments for about 3 trillion pesos (about 16,820 million dollars) during the first quarter of the year, after an operation with high participation of banking entities. It was a “successful exchange”, said the Treasury portfolio, through a conversion for a nominal value of 1.6 trillion pesos.
“It was possible to clear 67.2% of the maturities of the eligible securities in the exchange operation (…) We highlight that possibly almost all of these remaining maturities are in the hands of private holders”a sector with more participation than in the previous exchange, reported the SBS Group.
The national Treasury had to face maturities of 1.1 trillion pesos in January, 1.2 trillion in February and 2 trillion pesos in March, for which reason it now registers projected amortizations of 0.39 trillion pesos, 0.42 trillion and 0.6 trillion pesos, respectively. Thus, it extended cancellation periods between April 2024 and February 2024.
The objective of reducing first quarter maturities to manageable levels can be considered accomplished by the Treasury,” with the third debt swap since Sergio Massa took office in August as head of the Palacio de Hacienda.
In the exchange tender, 57.5% of the total offers were awarded in the ‘Duales’ bond basket, 35.4% in the ‘Ledes’ bill basket and 7.1% in the ‘Lecer’ bills to June tied to inflation.
Source: Ambito
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