S&P Merval falls on profit taking; country risk above 1,800 points

The Argentine Central Bank (BCRA) rose last week by 200 basis points passive passing rate and the day before it raised the rate of passive repos for Mutual Investment Funds -FCI- to the equivalent of 95% of the rate of passive repos for financial entities, currently 72%, in an attempt to decompress the pressure on the dollar in the alternative exchange markets.

“The direct consequences are clear: the banks will lose the financial intermediation margin for the placement of FCI deposits,” said Portfolio Personal Inversiones.

He explained that “by receiving a better rate for making transfers directly with the central bank, it is to be expected that the portfolios will rotate from remunerated accounts and/or fixed terms with banks towards these now more attractive instruments.”

This measure coincides with some voices in the city that warned that after the BCRA measure some shares were going to begin to fall.

In another order, the Argentine papers listed on Wall Street operate with losses of up to 2.2% led by Globant, IRSA (2%), Edenor (-1.9%) and Loma Negra (-1.2%). Conversely, YPF (2%), BBVA (-1.3%) and Ternium (-1.2%) rose.

Bonds and country risk

In the fixed-income segment, sovereign bonds rise encouraged by dollarized issues after the debt buyback announcement, hand in hand with Bonar 2030 (1.3%), Global 2038 (0.9%) and Bonar 2041 (0.5%). Conversely, the Bonar 2035 (-1.4%), Global 2029 (-1.3%) and Global 2035 (-1.1%) decreased. so, ethe country risk Prepared by the JP.Morgan bank, it falls 17 basis points to 1,855 units, compared to a historical maximum level of 2,824 basis points and a value of 1,083 units marked after the debt restructuring carried out in 2020.