Despite the fact that the decree has not yet been published, the market reacts negatively to the new measures announced by the Ministry of Economy to contain the currency gap. Dollar bonds plummet as much as 5%.
In the fixed income segment, the bonds listed on Wall Street start on Wednesday, March 22, with losses of up to 5% led by Global 2046 (-5.57%), followed by Global 2035 (-5.3%). , Global 2041 (-5.1%) and Global 2029 (-4.7%). Thus, the country risk scales 52 basis points or 2.57% to 2,395 points, a shot away from 2,400.
The financial dollars marked historical minimum levels in their different variables the day before due to persistent portfolio dollarizations. It is worth remembering that prior to yesterday’s announcement, the bonds closed with gains of up to almost 4%.
As announced by Economía, it will order public organizations to exchange their bonds in dollars under foreign law (global or GD) for instruments in pesos under local legislation. The total amount covers about US$4,000 million. In addition, it will proceed with the incorporation of dollar bonds under local law (bonares or AL) in the CCL dollar operation.
The measure seeks to give greater depth to the market with which the CCL dollar is operated -which is currently enabled exclusively for GD29, GD30, GD35 bonds and the rest of the global series- and, at the same time, provide instruments to the Treasury and the Bank Central to act in the financial exchange market.
S&P Merval and ADRs
For their part, Argentine papers listed on Wall Street fell by up to 2% thanks to Corporación América, Central Puerto (-2.2%), Banco Macro (-1.4%) and Transportadora de Gas del Sur (- 1.2%).
Source: Ambito
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