“The search for a clear driving force continues and this keeps us awaiting the legislative elections” on November 14, said Ayelen Romero, from Rava Bursatil. He added that “among the possible scenarios, and compared to the mid-term elections of the previous month (primaries), the market could respond again quickly the previous week or the following days; it will depend on how the day to day of the sector transits policy and how investors react accordingly. “
The Government seeks an agreement with the International Monetary Fund for about 45,000 million dollars, amid high inflation, which reached 3.5% in September.
In the fixed income segment, dollar-denominated bonds fell as much as 1.5%, with Bonar 2029 at the top of losses.
All in all, the Argentine Country Risk fell 0.5% to settle at 1,621 basis points.
Among the bonds in pesos, meanwhile, those adjustable by CER show increases of up to 0.6% after it was known on Thursday that inflation in September accelerated to 3.5% (the accumulated in the year is already at 37%), a figure above the market expectations (analists expected 2.8% on average, and at most 3.3%). Let us remember that in August the CPI had marked 2.5%, the lowest monthly figure of the year.
Although seasonal and regulated prices did not help, core inflation increased to 3.3% (vs. 3.1% in August) and has remained above 3% per month (a very dangerous floor) since September 2020.
“The current pace of issuance (and that expected for the next few months) will probably continue to fuel the acceleration in prices”, they warned from Personal Portfolio.
While, dollar linked debt operated with slight increases along the curve.
On Thursday, after the market closed, the Ministry of Economy announced that it obtained $ 46,403 million in a new debt placement, managed to cover the total maturities in October and added extra financing for $ 64,366 million.
409 offers were received, representing $ 52,524 million, of which an effective value of $ 46,403 million was awarded, reported the Ministry of Economy. Only andl 8% corresponded to the new securities called Treasury Liquidity Letters (LELITE), which made their debut in the local market.
The 88% awarded was in instruments due in 2022 and 4% to the BADLAR Bond, with an additional interest of 5.5% due in 2023.
Economy reported that 28% was represented by fixed rate instruments, 68% adjustable by the Reference Stabilization Coefficient (CER) and the remaining 4% at variable rate.
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