Dollar bonds extended positive streak and country risk hit a one-week low

Dollar bonds extended positive streak and country risk hit a one-week low

The Buenos Aires stock market registers this Wednesday, May 3, its second consecutive fall due to selective profit-taking, especially in the energy segment, in the face of short-term portfolio rearrangements in a difficult election year.

The leading S&P Merval index lost 0.2% to 294,961.65 points after losing 0.8% the day before and last week marking a record high in pesos of 307,057.03 points.

Learn more – Follow the price of the blue, official, CCL and MEP dollar in Argentina

“In the midst of a difficult economic situation and with a lot of volatility, the stock market confirms a short-term correction after reaching all-time high levels exceeding 300,000 points”, said Mauro Natalucci from Rava Bursátil.

The energy holding Pampa Energy issued Negotiable Obligations (ON) for a total of 82.7 million equivalent dollars. An ON in dollars at a fixed rate of 4.99% has the objective of improving its maturity profile and a new green bond in pesos to finance the construction of the Pampa Energía VI Wind Farm, the company explained.

In the global context, markets are almost certain that the US Federal Reserve (Fed) will announce a 25 basis point rate hike when it reports its policy.

Bonds and country risk

In the fixed income segment, bonds denominated in dollars operate with the majority of increases, led by the GD41 (+2.5%).

In that framework, Argentina’s country risk drops 1.2% to 2,623 points, its lowest level in three weeks.

Source: Ambito

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