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Argentine stocks fell almost 8% on Wall Street (the S&P Merval lost more than 2%)

In New York, the stocks leading the falls were Central Puerto (7.7%), Banco Francés (6.5%) and Grupo Financiero Banco Galicia (5.8%); while at the local level the most important drops were registered by Holcim (5.7%), Central Puerto (4.2%) and Transener (3.9%).

After the Buenos Aires stock market had an excellent run of positive wheels and on Tuesday it wobbled and adjusted just a little, in this wheel the numbers hit the brakes and leave several local investors paralyzed that ran into intense drops throughout from the main actions panel.

Analysts are carefully watching the political progress and its financial impact, since if the results of the September primaries were repeated, the Government would lose the majority in Congress, with two years ahead of President Alberto Fernández’s administration.

Country risk and bonds

The Dollar bonds traded takers about 20 cents on average but they were losing steam during the day to close with a fall of 10 cents on average along the curve. With all the attention focused on this Wednesday’s bidding, the dollar-linked sovereigns operated with slight demand of an average 0.2% after the hard sell-off of the previous round.

For its part, the curve in pesos with CER adjustment closed taker in the short and middle part, with good volume in the TX22 and TX23.

The Argentine Country Risk measured by the JP Morgan bank cut a streak of two drops in a row, rising 0.2% to 1,664 points.

The Ministry of Economy obtained $ 218,785 million in a new tender for seven bonds in pesos, which allowed it to end the month with positive net financing of $ 21,970 million, compared to expected maturities for a total amount of $ 358,434 million.

In this way, “the net financing so far this year is $ 435,570 million, which implies a roll-over of 115%,” said the Ministry of Finance through a statement.

Of the total financing obtained, 52% corresponded to fixed rate instruments, 25% in CER-adjustable Bills and the remaining 23% in dollar linked bonds.

In turn, 82% of the total amount was awarded in instruments maturing in 2022, 12% with a final term in 2023 and the remaining 6% maturing within the current year.

In the tender, the LEDE was reopened with expiration date on February 28, 2022 and a new Bill was issued with expiration date on March 31, 2022.

Likewise, the CER-adjustable bonds maturing on September 20, 2021 (T2X2) and March 25, 2023 (TX23) were reopened.

In addition, the bonds linked to the US dollar maturing on November 30, 2022 (T2V2) and April 28, 2023 (TV23) were reopened. Finally, a new Treasury Liquidity Bill (LELITE) was issued with maturity on November 23.

The next tender will be held on Thursday, November 4, while tomorrow the Second Round will take place for the eligible instruments that are part of the Market Makers Program.

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