In the fixed income segment, the Argentine dollar bonds shot up almost 8% as a first reaction, after repurchase announcement. The rises in this session were led by Bonar 2029 (+7.7%), followed by Global 2030 (+6%) and Bonar 2038 (+3.1%).
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.
In this frame, country risk fell 2.6% to 1,835 basis points, levels similar to those recorded in May 2022and compared to its historical maximum level of 2,976 units registered last July.
S&P Merval and ADRs
The index BYMA’s leading shareholder S&P Merval plummeted 9.8%to a provisional close of 235,372.41 points after marking an intraday historical record of 267,244.18 units and accumulate a rise of 31.5% in the previous 10 trading sessions. The most important falls were recorded by the shares of Grupo Supervielle (-9.8%); Telecom (-6.9%) and Loma Negra (-6.7%).
On Wall Street, meanwhile, the ADRs of Argentine companies also recorded strong falls of up to 13%, such as Supervielle (-13.1%); Galicia Financial Group (-10.1%); Telecom (-9.4%) and BBVA bank (-8.5%). This happened in step with the decline in major Wall Street indices as some comments from Federal Reserve officials suggested the central bank would continue to tighten, perhaps enough to cause a recession.
Source: Ambito
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