In this way, the country risk prepared by the JPMorgan bank lost -1.2% to 1,797 basis points, piercing the level of 1,800 points, the lowest since May 5, 2022.
The bonds maintain an ascending path of prices at the average of January, when the Government announced the repurchase of external debt for about US$1,000 million.
“With data as of January 27, we estimate that the Treasury has already bought 482 million dollars of foreign currency titles, being one of the determinants of the poor performance of international reserves in the last 15 days,” said the clearing agent and Cohen settlement.
“These debt repurchase operations (…) are not well regarded by the IMF despite the fact that the government had said that it had its approval”he added.
He International Monetary Fund (IMF) warned Argentina on Wednesday that the objectives of the program agreed with the agency to rebuild foreign exchange reserves with the repurchase of bonds should not be undermined.
The international reserves of the central bank (BCRA) total 41,376 million dollars, according to the latest data from the monetary entity, at a time when lower settlements in the agro-export sector pressure the BCRA to sell foreign currency to attend genuine market needs. On the first day of February, the entity parted with about 42 million dollars of its reserves, after losing about 191 million in January.
“Both the yields and the volatility of the instruments (in pesos) depend mainly on the interventions of the BCRA and the presence of public institutions in the Treasury tenders to refinance maturities,” said Delphos Investment.
He added that “The participation of private banks is also relevant, which generated a certain mutual dependence with the financial needs of the State.”
S&P Merval and ADRs
The S&P Merval stock index fell 0.9%, to a provisional close of 248,854.58 points, after marking a record high of 267,244.18 units in January and accumulating a rise of 24.47%
For their part, the Argentine papers that operate on Wall Street they rose to 4.9% after the announcement by the Fed that it increased its reference rates by a quarter of a percentage point and foresees new increases, in a context in which it considered inflation “moderate” but “high”. Thus, the progress of Globant (+4.9%), Despegar (+4.7%), and Irsa (+4.3%) stands out. On the contrary, Tenaris (-4.6%) and YPF (-4.1%) decreased.
Source: Ambito
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