A new report evidence that April left a clear contrast between the financial trust record and the annual minimum of negotiable obligations, a trend that began to be invested in May thanks to greater exchange and monetary stability.
Financial trusts mark record in April, while the ON play an annual minimum.
A private report revealed diametrically opposite behavior between Two main local corporate financing instruments. During April, the Financial Trusts (FF) In pesos they registered 12 emissions for a total of AR $ 220,709 millionwhich means an increase in 48% Regarding March and marks the highest level in this segment since December 2024. The average annual nominal rate (TNA) was located in 40.8 %with an average duration of 5.3 monthssimilar to that of March, but with a remarkably superior volume.
In contrast, the Negotiable Obligations (ON) suffered a contraction from 25 % in volume and reduced their number of operations to only 17 emissionsthe lowest level of the last twelve months. Dolk emissions “Hard“They saw an even more drastic cut: –50 % In nominal amounts and –25 % in quantity of placements, impacted by the lower participation of the energy sector and the volatility prior to exchange flexibility.
What the document analyzes
“We saw a general fall in the activity level during April, due to the volatility that was generated in the previous leaving,” he explained Juan TripierDirector of the PWC Argentina Deals. Tripier added that, once stabilized the exchange and monetary variables, May showed recovery signswith a strong rebound in on emissions and even international placements.
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The first May data confirms this reversal: the ON increased both in volume and in number of operations, while financial trusts yield some land after its April peak. According to Juan Pablo Herrero Vidaña“The market begins to recover in different segments, but emissions are still short -term and with relatively high rates in pesos. A context of greater stability should foster longer and descent terms in the coming months.”
The report emphasizes that, to consolidate this improvement, It will be key to maintain a predictable macroeconomic environmentwith consistent monetary policies, lower inflation expectations and an exchange rate with less dispersion. Trust returned after the first exchange opening measures, but the challenge remains to attract emissions in hard and long -term currency in a regional high uncertainty context.
Source: Ambito
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