President Javier Milei signed a decree that includes more than 300 measures whose objective is deregulate the country’s economy, which includes the elimination of laws on price controls and the promotion of industrial activity.
In the local market, dollar bonds operate with major increases in the long tranches of up to 3.2% led by Global 2046, followed by Global 2038 (2.9%) and Global 2029 (2.8% ).
In New York, bonds operate unevenly, with increases of up to 4.8% for Global 2029, Global 2041 (1.2%), Bonar 2038 and Bonar 2029 by 1%. The losses belong to Global 2046 (-4.9%), Global 2035 and 2038 at 0.8%. In that context, the risk country falls 2.8% or 39 basis points to 1,833 basis points, lowest since last week as measured by JP Morgan.
Debt in pesos: strong rise in CER bonds
The CER bonds -which adjust for inflation- recorded increases of up to 8%led by PAP0, PR13 (4.1%) and TX28 (4.%).
For their part, the sovereigns dollar linked They climbed to 6.6% thanks to TV24 and T2V4 by 4.3%.
Search for coverage
A renewed search for coverage registered the Argentine financial market before a high inflation and a recent sharp drop in interest rates.
He Ministry of Economytook on debt in favor of the Treasury for 2.96 trillion pesos (about 3,689 million dollars), the Ministry of Economy said on Wednesday in a statement, in a multi-million dollar operation given the liquidity that prevails in the market following a new monetary policy.
The new Government of Javier Milei decided through the central bank (BCRA) to eliminate transactions of the so-called “Liquidity Letters” (Leliq) starting this week and offer short-term securities in national currency to expand the range of assets in favor of investors.
This first placement of debt in the domestic market by the new administration It was relevant since the amount awarded exceeds a third of the money circulating in the Argentine economy.
The transactions covered “Ledes” bills maturing in January 2024, and two “Boncer” bonds adjusted for inflation amortizable in February 2025 and November 2026. At nominal value, the operation was 2.5 trillion pesos.
The total offered amounted to 13.05 trillion pesos, through 12,828 offers, which denotes the tremendous liquidity in the financial market given the low real value of the local currency against the dollar.
Operators highlighted that the changee monetary strategy It tends to benefit the BCRA since it begins to liquidate part of its assets with a historic devaluation of 54.2% arranged in the beaten Argentine peso a week ago.
Source: Ambito
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