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Tuesday, March 21, 2023

Bonds in pesos rebounded up to 5.5% in anticipation of a new swap

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In the Buenos Aires stock market, the index BYMA’s S&P Merval was up 1.4% at 246,125 pointsled by shares in the financial category and after losing 2.74% on Thursday.

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Based on an agreement with the International Monetary Fund (IMF) signed a year ago, The Government maintains a dialogue to reduce -at least- the required volume of BCRA reserves, at a time when the drought in the countryside complicates the liquidation of dollars.

“The economic team continues to advance in the negotiation for the exchange of titles with the banks, although the obstacle would be found in how to implement the rescue mechanism,” they indicated from the SBS Group.

“They are closing the program of reserves goals for the year with assumptions of a drop or increase in exports,” a government source told Reuters.

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Bolsas y Mercados Argentinos (ByMA) reported that Starting Monday, March 13, it will reduce its business activity by 60 minutes, to close at 5:00 p.m. local time, in line with the time zone change in the United States.

Bonds and country risk

In the fixed income segment, bonds in dollars were testing a recovery after the sharp falls in recent weeks. He bonar 2038 led the way with a rise of 1.9%. they follow him Global 2041 (+1.5%); and Global 2038 (+0.9%).

For its part, the Argentine country risk remained unchanged, below 2,100 points. It gave up six basis points, at 2,079 units

Sovereign debt in pesos also rose in anticipation of a expected bond swap being analyzed by the government, operators said, with the idea of reschedule maturities and clear up doubts of a possible non-compliance in an election year.

“In line with the speculation of exchanging dual bonds mainly for ‘CER’ bonds (adjusted for inflation) that clear the next maturities, the (title) ‘TV24’ gains attractiveness for becoming the only sovereign instrument with liquidity that offers exchange coverage “, commented from Delphos Investment. They added that “It shines even more due to its potential in the face of an eventual significant adjustment of the exchange gap between the first months of the next government,” which will take office at the beginning of December.

The Government has made two exchanges since Sergio Massa took over the Economy portfolio last August.

Source: Ambito

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