Dollar bonds rebound this Tuesday, October 24, after falling up to 7.7% in the previous round. Thanks to that, the risk country comes down and short bullish streak of four days in a row. This is given two days before the presidential electionswhich positioned the current Ministry of Economy, Sergio Massaas the most voted candidate.
On the other hand, in the fixed income segment, Argentine bonds nominated in dollars In the local market they are found in the reverse trend by official intervention. In this framework, those who mark greater losses are the Global 2041 (-13.9%), the Global 2046 (-13.3%) and the Global 2038 (-10.2%).
He risk countryprepared by JP Morgan bank, falls 1.7%or 45 units, up to 2,537 points. In that way, break a bullish streak of four advances in a row. This is because they bounce the Sovereign bonds that operate in NYafter registering a day of widespread casualties.
Within the rebound, the bonuses that achieve greater increases in Wall Street are the Global 2035 (+2%), the Global 2043 (+1.7%) and the Global 2038 (+1.6%). The only one who falls is Bonar 2038that gives 0.1%.
“The future of Argentine bonds in dollars to be continue very linked to what happens in the political context. Before the general elections, None of the candidates outlined the guidelines of their economic planwhich is what the financial markets seek to hear,” he explained Julio CalcagninoResearch Team Leader of TSA Stock Market. And he added that “as long as this situation does not change, we find it difficult that, given a most challenging international contextappear appetite for local hard currency fixed income“.
Bonds in pesos: appetite for CER debt increases
The bonds tied to CER operate with majority of increasesin line with the surge they registered last Monday, after the presidential elections that positioned Sergio Massa in first place and Javier Milei in second place, facing a runoff. In this framework, the strong dollarization trend, which had developed prior to the elections, began to diminish at the beginning of the week.
So, The appetite for inflation-tied debt is back. The bigger increases are for PARP (+6.8%), CUAP (+4.4%), and DICP (+2%). However, this Tuesday, some fall, as is the case of DIP0 (-7.4%), the PAP0 (-3.7%) and the PR13 (-1.7%).
On the contrary, faced with a lower expectation of a devaluation of the official exchange rate in the short term, dollar-linked sovereign bonds They were very sellers in yesterday’s session, falling 9% on average, and this Tuesday continue the same trend, by falling 1% he T2V4 and 0.3% he TV24.
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