Sovereign bonds in dollars fell to 4.2% led by Global 2029, followed by Global 2038 (-2.9%) and Bonar 2041 (-2.2%). Thus, the country risk measured by JPMorgan fell 0.1% to 1,961 basis points.
“So far this month, the BCRA has a selling balance in the exchange market of more than 400 million dollars, and it is also losing reserves due to the purchase of bonds,” said Fundcorp’s Roberto Geretto. “Thus, it is more than 2,000 million dollars below the target reserves at the end of March of the agreement with the International Monetary Fund (IMF). Therefore, everything is given for there to be more stocks and a new soybean dollar.”
A mission from the International Monetary Fund (IMF) is carrying out a review of the country’s accounts, within the framework of the agreement signed a year ago that establishes goals for the accumulation of BCRA reserves and the financing of the fiscal deficit, among other objectives. The goal is for international reserves to increase by 4 billion dollars this year.
Analysts expect the government to implement some incentive for agricultural exports by offering a preferential exchange rate, in line with the so-called ‘soybean dollars I and II’ of last September and December.
“The government is faced with the need to pull another ‘rabbit out of the hat’ such as a ‘$3 soybean’, a REPO loan or some other similar measure,” the consultancy Delphos Investment said. “Another option could be to formally request a ‘waiver’ from the Fund for the March reserve target due to the extreme drought facing the field and then implement a soybean dollar in the second quarter,” she added.
“The BCRA sells more and more currencies and international reserves deepened the fall in a context in which stagflation is consolidating,” said settlement and clearing agent Cohen.
“The key to the week that begins will be the inflation data for January that the INDEC will publish this Tuesday. We estimate that the price variation will mark an acceleration compared to December and will put pressure on interest rates and the rate of devaluation of the rate official exchange rate,” he said.
S&P Merval and ADRS
The S&P Merval climbed 1.4% to 253,418.01 units, after gaining 4.4% over the past week. Among the advances, the titles of the state oil company YPF stand out with 3.1% and Cresud 3.8%.
“Transportadora Gas del Norte was awarded a weekly increase of more than 26% and again climbed to all-time highs. One of the main reasons was that it announced that it will collect compensation from YPF for a total of 190.6 million dollars in four installments starting next year,” recalled Ayelén Romero from Rava Bursátil.
Meanwhile, the Argentine papers that operate in Wall Street They advanced to 6.2% led by YPF, Cresud (5.6%), Banco Superville (5.4%) and BBVA (5.3%). The only notable decrease was marked by Tenaris 0.9%.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
