08/17/2020 - 13:51
- Clarín.com
- Economy
- Economy
With the local market closed for the national holiday, Argentine stocks and bonds started the week hit by the climate of uncertainty that surrounds the economy despite the debt agreement.
On the same day that Minister Martín Guzmán made the new offer official before the Securities Commission of the United States, already agreed with the main groups of creditors, the Argentine papers listed on Wall Street collapsed by around 5%.
The bonds do not have a good day either, with falls close to 1%, which pushes the country risk - the indicator that measures the excess rate that Argentina pays for borrowing in relation to the yield of the Treasury bonds of the United States - which climbs 0.5% and stands at 2,130 basis points. Thus it returns to the level it had on August 3 , prior to the announcement of the agreement for the debt swap.
Minister Martín Guzmán reached the agreement for the debt but is unable to calm the markets Photo Juano Tesone
In New York, within the Argentine panel, the papers with the greatest falls are those of banks. BBVA lost 4.5%, while Galicia lost 3% and Supervielle fell 1.8%.
The bad weather also hits other stocks such as YPF shares that fell more than 2% as well as those of Pampa Energía.
Mercado Libre was saved in the gale , which rose 2%, followed by Globant with 1.5%.
This Monday, the Government made the new exchange offer official before the United States Securities Commission (SEC, for its acronym in English). It is the fifth proposal , and the final one, since Guzmán has already obtained the endorsement of the creditors.
With the presentation, it was confirmed that the closing date of the negotiation is extended: while until now the exchange was finished on August 24, now it will continue for four more days, until the 28th.
Despite this good news, the market continues to be affected by uncertainty regarding the Argentine economy. The pending negotiation with the Monetary Fund, the fall in reserves and the lack of definitions on the part of the Government about what the post-pandemic economic plan will be and how it plans to reduce the public deficit that already flirts with 10% of GDP, revive the distrust of investors.
AQ