Bonds sink again in the face of mistrust and suspicions over Massa's debt repurchase

It is the second day after Sergio Massa's announcement to buy back debt and the bonds, far from revaluing as expected, 

.

Doubts and suspicions leave investors totally on the defensive.

In this way, after an immediate positive reaction to the announcement, even with a slight fall in the parallel dollar and a strong jump in titles,

The Globals cut positions in 2029 and 2030, falling 1.7% and 1.4% respectively.

At the longer end, debt falls 1.6% and 1.2% for Global 2041 and 2046.

For its part, the Buenos Aires Stock Exchange operates with a rise of 1.8% in its main index, the S&P Merval, which stood at 240,788.96 points.

And in the exchange market, the blue dollar loses more positions, subtracts $4 and is located from $377 to $373.

For its part, the MEP or Stock Market dollar increases 3.4% and traded at $344.12;

and the cash with settlement (CCL) rises 2% and trades at $362.68.

Meanwhile, the Argentine country risk loses 10 points compared to the previous day and stands at 1,928 basis points, according to the index prepared by JP Morgan.

Doubts remain among investors regarding the reasons behind the government's move and the cost.

The main discussion puts the eye

, at a time when dollars are not abundant.

And to that fear is added the suspicions that weigh on whether the last and sustained rises in bonds were due to a maneuver made on purpose so that a few would benefit.

These suspicions pushed the opposition to demand in Congress that it be reported who acquired and benefited from the purchase of these bonds.

For specialists it is still too early to make an evaluation.

For financial analyst Christian Buteler, "bonds have risen sharply in recent months, partly because of what happened in the region and with emerging markets in particular. Another part may have been because

, and once known comes a logical profit-taking".

Beyond the picture of the situation, for the analyst, although "it is too early - only 48 hours have passed -

", the truth is that

that the bonds fall.

"But we still can't talk about it being a bad decision," he said.

"We have to understand that if Argentina had plenty of dollars to go out and buy back its debt, the bonds would not be worth 30 cents. They are worth that because of the shortage, among other things, of dollars that Argentina has," he concluded.

For his part, Diego Martínez Burzako, Head of Research at Inviu, complies with that old premise that governs the market that says that "you buy with the rumor and sell with the news".

"There could have been a rumor anticipating Massa's announcement, but I still believe that the genuine rise in bonds was due to the fact that stocks were far ahead of the rises, and titles far behind," he warned.

NS