The advances of the day were led by the shares of Aluar (+ 5.7%); Loma Negra (+ 5.1%); and Ternium (+ 4.9%).
Argentines will go to the polls on November 14 to renew 50% of the Chamber of Deputies and a third of that of Senators, with an officialism that comes from a tough defeat in the September primaries and with chances of losing the majority in The congress.
Country risk and bonds
At maximum levels since the 2020 swap with private parties, more than a year ago, the Argentine Country Risk closed its fourth consecutive week with increases, amid the uncertainty due to the legislative elections on November 14 and doubts about the economic future of the country.
The index measured by JP Morgan climbed almost 1.6% in the last five days, and about 10% in a month, staying for the sixth consecutive day above 1,700 points (this Friday it lost 9 points to 1,739).
In that framework, sovereign bonds denominated in dollars were operating mixed this Friday, with rises among the Bonares, and a majority of decreases among the Global ones, to culminate another week with accumulated setbacks in general terms.
Meanwhile, under increasing exchange rate pressure, which led the BCRA to prohibit financial entities from adding dollars to their holdings until the end of the month (with the idea of clearing up investment doubts about a greater devaluation of the currency in the short term), it remains “a great ‘appetite’ for dollar bonds, andn special the ‘TV22’ due April 2022, which rose 0.4% this Friday, but more than 2.5% in the week.
“The new restriction of the central bank that imposes on banks the impossibility of increasing their position in dollars until the end of the month has been a factor that adds additional demand to these instruments”, stated Christian Viand, Criteria partner, settlement and clearing agent.
On Thursday, meanwhile, the Treasury obtained 79,585 million pesos through a tender and through two conversions of the “T2V1” bond, it reduced early maturities by about 130,000 million pesos. “Today we can guarantee genuine financing bid after bid”, Rafael Brigo, Finance Secretary, emphasized on Friday.
Source From: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
