Argentine bonds in dollars
fall up to 4%
at the opening of this week, which adds tension to the market and
pushes country risk to the brink of 2,000 basis points.
The most marked fall among the main bonds is that of Global 29 in dollars, which
fell 4.1% this Monday
.
Other papers also started the week with a decline, such as the AL41 in dollars, which fell 2.5%, while
the rest of the sovereign titles in hard currency showed falls of around 1%.
This pushes up country risk, the JP Morgan indicator that measures the over-rate of Argentine debt, which this Monday adds 0.2% and reaches
1,965 basis points.
In this way, it is once again close to 2,000 points, a record that it has not touched since the beginning of January.
Thus, the objective announced by Minister Sergio Massa of allocating
US$ 1,000 million
to repurchase debt to reduce country risk and thus make credit cheaper for Argentine companies is not being met.
From the announcement on January 18 until now, the government has already allocated
US$594 million
to this operation, according to an estimate by Aurum Valores.
This deepens the outflow of foreign currency.
Thus, the net reserves, the true firepower of the Central, barely reaches
US$3 billion,
which forces Massa to look for fresh currency and speed up a US$1 billion loan with international banks.
Nor was the objective of sustaining the price of government bonds met.
"Today the bonds are below the value prior to the Massa plan," they maintain in Aurum.
Instead, the bond repurchase strategy would be working to anchor the price of financial dollars.
This is what has been happening with the MEP dollar, which is traded on the Buenos Aires stock market, which is trading at
$355
, an increase of 0.4%, while in the month it barely moved 0.1%.
In the case of cash with liquidity, it falls 0.5% on this wheel to
$369.3
and reaches the same price as at the beginning of February.
In January, financial dollars had risen around 8%.
In the case of the blue dollar, it rises one peso to
$378.
So far this year
it has risen 32 pesos
, but it is still below the peak of
$381
it touched on January 9.
With this, the gap in relation to the wholesale dollar, today at
$191.6,
reaches
96%.
ADR jump
In contrast to bonds,
Argentine shares rise up to 6% this Monday in New York.
Cresud climbs 6.2%, while YPF jumps 5.8%.
The podium of those that rise the most is completed by the Supervielle, Galicia and BBVA banks, all three with 5.4%.
On the stock side,
the Merval rises 2.4%
and accumulates a rise of 26.6% in the year, thus maintaining the positive trend it registered in 2022 and which
allowed it to jump 121%
and beat inflation of 94.8% in 2022
.
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