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Wednesday, February 1, 2023

Bonds soar and country risk drops more than 180 points after Economy announcement

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After a strong rise at the beginning of the day that took it up 12%, bonds in dollars moderated the rise to 8% led by Bonar 2029, followed by Bonar 2030 (7%), Global 2038 (6.4% ) and Bonar 2035 (6%).

Through the Official Gazette, Economy authorized the Central Bank (BCRA) to carry out the repurchase process “to continue improving the profile of external debt to continue lowering the country risk that improves the possibilities of companies and the state to access the market of capitals. Very focused on short-maturity globals, that is where we have to attack to improve the maturity profile,” Massa explained.

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In this frame, the country risk drops 183 basis points to 1,701, the lowest in 9 months.

S&P Merval and ADRs

The Buenos Aires stock market stops its bullish rally of 10 rises in a row this Wednesday, January 18, after a foreseeable profit-taking, while dollar bonds soar up to 8%, in reaction to the announcement by the Minister of Economy, Sergio Massa, about the repurchase of US$1,000 million of sovereign debt by the Central Bank.

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BYMA’s leading S&P Merval stock index fell 2.4%, after reaching a record high in pesos of 267,244.18 units at the beginning of the day, and after accumulating a 31.2% rise in 10 rounds.

The shares of the oil company YPF were one of the few that maintained their upward trend, registering an improvement of 0.3%.

Source: Ambito

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