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Tuesday, March 21, 2023

Shares and bonds climbed up to 6.5% after announcement of the exchange with banks

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Economy Minister Sergio Massamet this afternoon at the Palacio de Hacienda, with a dozen representatives of national banks and international capital before whom He presented his proposal for the “reordering of the public debt”.

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The debt swap, for some $7.7 trillion, will have the intention of “ordering the curve” of maturities. Bonds in pesos that expire in the next three or four months will be taken into accountsources from the Palacio de Hacienda indicated.

“Basically an attempt will be made to clear the maturities of March, April, May and Junegranting new bonds maturing in 2024 and 2025including instruments with CER adjustment and dual bondswhich would also have a put in favor of the banks,” explained Grupo SBS.

In this context, dollar bonds rose to 4.3% in the hands of Bonar 2030they also grew strongly Global 2041 (+4.2%), and Global 2030 (+4.0%). The country risk measured by JP Morgan fell 2.6% to 2,037 basis points.

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For their part, both dollar-linked sovereign bonds such as dual bonds were offered and fell an average of 0.3%, concentrating the volume in the long tranche. Regarding the CER segment, while the Leceres were flat, the short Bonceres were up 0.7% on averageor (the long bond tranche of the 2005 swap fell 0.5%), indicated Grupo SBS.

“Given the the debt that is about to expire before the elections is unpayable (…) The best thing to do is a voluntary exchange and try to pass the maturities of this debt until after the next government takes office“, commented Aldo Abram, executive director of the Liberty and Progress Foundation.

The economist Natalia MotylFor his part, he said: “Massa’s swap is exchange a bond for another with new terms and conditions. To understand it very simple: the reprofile is to add 15 more minutes to the game and a trade is to start playing another sport“.

And he added that “I don’t think the exchange will create problems in the market todaybecause in itself it takes pressure off the next four months. It is a sign that at least there is not going to be an outflow of local currency assets into foreign currency assets and they are attractive bonds for now.“.

ADRs and shares

The S&P Merval index rose 2.9% and settled at 253,018.57 units in the Buenos Aires market, while the shares of Argentine companies on Wall Street advanced up to 6.5%. In the leading local panel, the shares of YPF and Cresud registered increases of 5.4% and 3.6%, respectively.

“The one that rose the most in the region this Monday is the Merval of Argentina (…) which recently registered a historical maximum, in the area of ​​267,000 points,” held Alexander Londoño, analyst at ActivTrades.

Meanwhile, the ADRs of Argentine companies on the New York Stock Exchange marked the majority of gains, on a day in which YPF led this lot with an increase of 6.5%, followed by Transportadora de Gas del Sur with 5.1%.

Source: Ambito

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