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After the extension of the swap, alternative dollars rise and the blue reaches $ 125


Country risk falls 2.2% with a marked recovery in bonds.

05/11/2020 - 11:03

  • Clarí
  • Economy
  • Economy

At the beginning of the week, the official dollar opened with a slight rise . With the market in expectation of what will happen to the debt swap, after more than 80% of creditors turned their backs on the Argentine proposal, the wholesale dollar - the segment in which banks and large companies operate companies- is trading at $ 67.36, nine cents above Friday's close. In the retail segment it remains at  $ 69.65.

For its part, blue takes the lead against alternative dollars. It reaches $ 125, a jump of 4 pesos compared to last week, and it takes advantage of cash with liqui and the dollar exchange, which rise 1.8% and 1.5% and are located at $ 117 and $ 114.5 , respectively.

Today it was confirmed that  the government will extend until May 22 the term for bondholders to adhere to the exchange . The data was read by the market as a sign that Minister Martín Guzmán will seek to reach an agreement and at some point make his position more flexible in order to approach positions with the bondholders. That is why  Argentine stocks rise around 3%.

In this way, the country risk , which reflects the over-rate that Argentina pays to borrow, falls 2.2% and reaches 3,245 basis points.

For its part, the Merval advances 1.5% in the first hours of the wheel. I don't know

From Personal Portfolio Investments they indicated that "the confirmation of the extension of the term of negotiation of the debt was well received in the market" .

"After last week's increases that averaged 7% along the dollar curve and today's positive start, the market is already beginning to discount more optimistic scenarios . Although the risk of default is still latent and there is much ahead to reach an agreement, we aim to clear a context of default, could finally bring the prices closer to levels of US $ 35/40, against the current US $ 29/30 on average, while in a default scenario , prices could approach the zone of US $ 20/25 or 20/25% below the current curve. "


Source: clarin

All business articles on 2020-05-11

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