In the midst of a new
collapse of the Argentine debt
, the Government anticipated that it finds
an "opportunity" to speed up the buyback process
that was announced in the middle of last month.
This Tuesday, dollar bonds, in line with all emerging debt,
fell more than 4%
, thus adding
three rounds in a row with negative yields.
The Finance Secretary, Eduardo Setti, announced on his Twitter account that the recent collapse in prices, after the rally registered in January, is due to a
change in global financial conditions
and that, despite the limitation of the persistent drop in reserves, it will redouble the bet.
"The Fed's rate hike generated a situation of general decline in emerging markets that gives us an opportunity to continue consolidating the repurchase process.
Today we will be present in the market with 20% within the announced program
," said the official. .
After the publication of the tweet, the price of Global 2030, a bond in which more than 90% of the operations were concentrated,
rebounded.
In this way, the Central Bank
will throw US$ 200 million into the market
this Tuesday in what, according to the consensus of City operators, is nothing more than
a new move to intervene in the price of the financial dollar.
In the consultancy Aurum Valores they estimated that until this Monday, the agency had already allocated some US$ 600 million in the repurchase process.
The timing is striking: due to the maturities with the IMF on Monday, the gross reserves of the Central Bank fell by US$700 million and totaled US$40,286 million.
In the market, they take it for granted that the reserve accumulation goal agreed with the agency is difficult to achieve if, once again, Sergio Massa does not "pull out" some new trick, such as a new version of the soybean dollar or a Repo (loan) with international organizations.
"
The dynamics of the net reserves arouse
growing concern , since the daily drain of foreign currency does not stop, and on top of that, at a speed that leaves the delayed and less liquidation of the future harvest too far away," said economist Gustavo Ber.
"Despite the exchange and monetary challenges,
the interventions for the moment continue to manage to regulate the financial dollars
in such a way that they continue to go through a stage of relative calm, even when it is recognized that the pressures will increase, which is why soon, possibly the best strategy is to
enable a gradual upward realignment
," he added.
What was the outcome of the CNV investigation?
Meanwhile, the CNV is advancing with the investigation into whether there were local market players who had access to
privileged information
about this debt buyback program.
And in the City
suspicions are growing
regarding the real reasons behind this measure.
"The problem is that, as they buy against dollars and then they or other organizations sell against pesos to iron financial dollars, the stock of bonds in the market does not change. And if the stock of bonds does not change, the parities will depend on the demand for extra factors
and not because of the repurchase operation
", explained a market operator in off.
"At the end of the day you would have
fewer reserves and fewer pesos in the market
, due to the sale of bonds against pesos. There, the lower supply of pesos could help lower financial dollars, but since they also have to buy bonds in pesos to support prices, there continues to be a surplus supply of pesos that puts pressure on both the CCL and the MEP," added the same source.
After noon, financial prices were rising.
The MEP dollar, or stock market, rose 0.9% to $357.22, while the cash with settlement appreciated 0.3% and operated at $366.91.
The blue dollar was holding at $375.
NE
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