Which investment will pay more, assets that adjust per wholesale dollar or MEP dollar?
Salvador Di Stefanoeconomic and financial analyst, assured that to “cover” oneself with sovereign bonds that adjust to the wholesale dollar, such as bonds TV24 either T2V2currently they are quoted with one dollar $420. “This implies that by December if they were quoted with a price similar to what we project they would have a potential profit of 42.9%“he explained.
Of these numbers, he warned, It follows that it is better to have the MEP dollar than to cover yourself with a bond in pesos that adjusts to the wholesale dollar, at least at current prices.
For investors, said Di Stéfano, “alternative dollars continue to be a good alternative at the time of electoral definitions, since We are three weeks away from the second round of elections, and the merchandise object of desire will be the dollar“.
The decline in the MEP and CCL dollars (Cash With Settlement) is related to the regulations for 30 days so that exports are settled 70% in the Single and Free Exchange Market at $350 and 30% in the CCL dollar that It is around $873. “This supply of dollars in this market means that the price tends to be flat, at least until the benefit of liquidating exports in said market remains in force,” explained the analyst.
“In In the coming weeks we will have an offered dollar market, since 30% of exports are settled with the dollar Cash With settlement. Reserves will decrease as a result of payments made to the IMF. Monetary liabilities will continue to grow as a result of the endogenous emission that occurs due to the accrual of the interest rate paid by remunerated liabilities. In this stage “An MEP dollar at $840 is a bargain price, at less than $800 it is a bargain.”he recommended.
Regarding dual bonds and bonds in pesos that adjust per linked dollar, he said, “they are not attractive at current prices. With the decline of the MEP dollar, it is once again attractive to go in search of the dollar bill“.
Regarding sovereign debt in dollars, a level of au$s25 as is the case of the AL30, “it is at an extremely attractive price, there is no other title with a better market positioning”.
“If the next government would allow this title to be used to pay taxes, offer an additional income payment or reschedule its amortization, this title should be worth at least around $40. This title has a potential increase of 60% in dollars“he added.
Source: Ambito
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