Only some actions of the leading panel were above the inflation estimated by private consultants. Regarding fixed income, only debt in pesos performed well.
Internationally, the month was marked by the crisis in the banking sector after the bankruptcy of Silicon Valley Bank in the United States, consequence of the massive withdrawal of deposits. This event had a contagion effect that spread to Credit Suisse Bank, among other entities. At the national level, the Government decided to launch a plan that forces official entities to deliver dollarized holdings in exchange for other pesified ones.
In that context, the S&P Merval lost -0.7% during March, but measured in dollars it plummeted -10.5%. In the leading panel, the greatest decreases were for the financial and energy sectors thanks to the Banco Supervielle (-14.5%), Transportadora de Gas del Norte (-14.5%), Banco BBVA (-13.8%), and Grupo Financiero Galicia (-9.5%). For their part, the papers that managed to beat the estimated inflation for the month were: Loma Negra (+13.7%), Aluar (+10.7%) and Pampa Energía (+9.2%).
It should be noted that the inflation estimated by private consultants is scheduled between 6.5% and 7%and the monthly yield offered by a traditional 30-day fixed term was 6.4% in March. Like most stock market assets, the informal dollar did not beat the rise in prices either, since closed March with an advance of $20 or 5.3%.
“Dollar-denominated bonds ended broadly lower, measured in pesos, of the order of 1% on average. For his part, short-term CER-adjusted peso securities recoveredalthough the lengths are shown with dispersion. Dollar-linked bonds closed with significant improvements and the duals ended with increases that averaged more than 8%“Tavelli explained in his report.
Thus, of the debt in dollars, the greatest decreases were for Global 2041 (-12.1%), Global 2038 (-11.3%), and Global 2030 (-11.3%). In that context, the country risk measured by JP Morgan rose 15.8% During the last 30 days. Regarding bonds in pesos, those that performed best during March and were above estimated inflation were: he PAP0 (+7.3%), PR13 (+7.2%), TX24 (+6.5%).
Source: Ambito
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