09/21/2020 - 11:51
This Monday the market indicators were again altered, with the
country risk rising 7%
at the start due to a new fall in the bonds issued after the debt swap.
The blue dollar rises 1 peso to $ 141, while financial dollars maintain their upward trend from last week.
Country risk, the JP Morgan indicator that measures the excess rate that Argentina pays for borrowing, rises 7.1% and already reaches 1,347 basis points.
Thus, in the four business days that ran since the exchange rate tightening,
it has already accumulated an increase of 18%
In this way, the relief of the indicator after the debt swap did not last long, when it fell 1000 hit points due to the replacement within the index of defaulted bonds by the new titles.
These post-trade bonds have been hitting since last week.
Today they fall around 4%.
From Portfolio Personal, they maintain that "without room for surprise, the market reaction to the new exchange measures implemented by the Government was clearly negative. Shortly after restructuring its debt, Argentina already shows
a curve with a negative slope
and the Merval returned to the minimum levels it had reached at the beginning of the pandemic. "
"In this context, a bond market that was accommodating itself at the exit of the exchange and was seeking to normalize at rates of between 11.5 / 12.5% per year on average,
jumped to levels of 13/14% per year
, with average parities again in the area of 43 / 43.5%. It would not be strange that, after a rebound, there could be a new correction that pushes towards the area of 14/15% (or more, if you see another negative signal) ", Remarks Portfolio.
A similar path is followed by Argentine stocks listed on Wall Street, which
, with banks leading the way.
In Buenos Aires, the Merval fell 2.8%.
In the official market, the wholesale dollar, the segment in which banks and large companies operate, is trading at
The banks continue with the sales of dollars to the public suspended due to the problems generated in the updating of the systems after the tightening of the stocks.
With four days without operations, the currency continues to rise and today rises 0.3% to reach $ 79.65 and $ 103.5 with all current surcharges.
Financial dollars maintain the trend of last week and continue to move higher.
, the operation that allows you to buy foreign currency through the Buenos Aires stock market, rises 1% to $ 130, while the
cash with liquid
, the method to withdraw dollars from the country, rises 0.4% and reaches $ 137, 9.