Ads about IMF generated more doubts to the market: the bonds sank and the country risk touched the 800 points

He International Monetary Fund (IMF) ratified that the government is negotiating a loan of U $20,000 millionalthough the market did not take the announcement in the best way: The bonds sank and the country risk jumped to almost 800 basic points.

In that context, Bonds in dollars they operated with generalized casualties of up to 2.1%, headed by the Global 2035he Global 2041 (-1.8%), and Bonar 2035 (-1.8%). Within that framework, the country riskthe index that measures the JP Morgan, It flew 5% a 797 basic points, its maximum value since November 13, 2024.

For its part, the S&P Merval fell 1.4% at 2,378,562.84 basic points, although measured in dollars sank 2.2% to 1,817 units. Within that framework, the leading actions that lost the most were: Metrogas (-3.4%), YPF (-2.9%), Supervielle Group (-2.7%), and South gas transporter (-2.5%).

As for Argentine papers that quote on Wall Streetthey registered strong losses of up to 6.3% by the hand of Globantfollowed by YPF (-3.7%), Corporation America (-3.1%) and Supervielle Group (-3%).

IMF, Caputo announcement and more doubts

“We can confirm that the managing director had a call with Minister Caputo to discuss the next steps in the preparation of a new 4 -year EFF program, and that the Argentine authorities requested a total financing package of 20,000 million dollars,” he clarified, this Friday at noon, a spokesman for the IMP

In this way, the organism Confirmed the sayings of Caputo, who yesterday said that the requested loan would be for an amount of US $20 billion.

For its part, from ADCAP They expressed that it is “unusual” to know information about a new program with the IMF before a Staff Level Agreement (SLA). “The market reaction was moderate; we received many questions, mainly about The nature of the exchange rate adjustment. We interpret the absence of a SLA as a sign that negotiations are still ongoing“They said.

It is important to note that the amount and calendar of disbursements must still be decided by the IMF directory. “While the funds that are not used to pay the debt to the fund will be used to strengthen BCRA reserves, There are no clear guidelines on cash flows“They completed from ADCAP.

Next, they presented what they consider The most likely scenariobased on the official announcement: $ 20,000 million to cover the debt service with the IMF until February 2029, more fresh advances advanced, and around US $ 4,000 million of other multilateral organisms (part of which will be used to pay their own debts).

A report of Commerce Department showed that Personal Consumer Expenses Index (PCE) He went up in February. Inflationary pressures, added to concerns about tariffs generated strong pressure on the financial market.

Tender and appetite for dollar bonds Linked

The Treasury could refinance 100% of the maturities in pesos that he had on the date and, in that way, he was able to overcome the challenge, for which He had to include bonds tied to the dollar.

He Secretary of Finance, Pablo Quirno, announced by social networks that the government He managed to renew for 100.3% of what had been made available. They were $ 6.3 billion and Offers were received for $ 8.2 billion.

The fact that A claim for bond has appeared to cover a possible devaluation is a sign that there are fears in the marketdespite the fact that different government figures, even the president Javier Milei, They ensure that there will be a depreciation of weight.

The analyst Christian Buter He indicated that “in the outcome of the tender there were investors that They placed $ 894 million to a very short-term expiration dollar (6/30/25) at a negative rate (-1.98% Tiraa) in order to be covered in dollars. “ “Some expectation of devaluation is,” he concluded.