In parallel, the papers of local companies listed on Wall Street (ADRs) also suffer the majority of losses in this round, which are led by Globant (-8%) and Mercado Libre (-6.8%).
Guzmán will meet on Wednesday with the governors to make known the points agreed between the technical teams of the Government and the IMF, while seeking the endorsement of the great powers of the world to try to seal an agreement. It is worth remembering that in the first quarter of this year the debt with the institution amounted to US $ 4,000 million, when the net reserves of the Central Bank barely exceeded US $ 2,000 million.
In this regard, the opposition said it will not attend the meeting due to its political overtones, a position criticized by the ruling party as it seeks to show unity on all fronts before the multilateral credit organization.
“The objective is to provide details on the key issues that are discussed with the Fund (fiscal, monetary and exchange policy). The definitions of the different policies and the will or not of the Government to implement what is necessary within the framework of an agreement are two points to evaluate by investors. However, the absence of opposition figures does not allow us to be optimistic about the meeting this Wednesday, “they said from Personal Investments Portfolio (PPI).
The market awaits news both on these negotiations and on the delayed “multi-year” economic plan, to face macroeconomic imbalances.
In the fixed income segment, lhe bonds in foreign currency show a fall of up to 1.9%, for which the Country Risk, measured by the JP Morgan bank, rises to 1,730 basis points, a maximum of six days.
For its part, bonds in pesos that adjust for inflation extend their upward trend, with price increases of up to 2.3%, with particular interest in longer securities.
Private estimates resulted in inflation close to 4% last December, which is why the market warns that the slowdown in November was an isolated data, and that price increases will remain at high levels for a considerable time.
The dollar securities had also started the year on the wrong foot. From PPI they highlighted the preference of investors for the bonds to 2038 and 2041, which operate under the old contract of 2005 (more flexible in legal terms).
“This is not surprising in a context in which the country risk exceeds 1,700 points and the cumulative probability of default over four years is around 78/79%,” the brokerage firm explained in a report.
The average rate on global bonds returned to just above 19% on Monday. Meanwhile, the weighted average price was close to 12% above the November lows, but at the same time almost 12% below the 2021 highs recorded in the weeks prior to PASO.
Source From: Ambito
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