Like all the debt of emerging countries, Argentine bonds recorded another round of falls this Thursday.
The titles in dollars
lose up to 3% after noon,
which leads the monthly accumulated of the prices to touch
red of more than 14%.
, which is measured by the JP Morgan bank, jumps 1.4% and settles at
, a mark that it has not seen since the second week of January.
Almost a month ago, on January 18, Sergio Massa's economic team came out to announce a repurchase of debt securities in dollars "to
accelerate the fall in country risk
The high level of this index not only keeps Argentina as a nation away from credit markets, but also provinces and companies.
At that time, there had been an interesting drop in the indicator, which had started the year above 2,100 points and in a little less than two weeks it had
fallen by 300 units.
"We saw a drop of a thousand points or more in the country risk in Argentina and it is a window. That is why we have made the decision to carry out a process of repurchase of the Argentine external debt for more than one billion dollars that begins on the day of today", the Minister had said on the day of the announcement.
beyond the initial euphoria
, and the dollars that the Central Bank sold to be able to get hold of the bonds, as the market had anticipated at that time,
the measure had no major effects
Argentine debt continued to move in step with that of other countries in the region, among which Ecuador stands out.
Thus, after closing the first year with positive returns, since the beginning of February, the bonds plummeted.
The global market is attentive to the signals that the United States Federal Reserve may give regarding its rate policy.
This Thursday, the wholesale inflation data in that country hinted that
general inflation persists,
which suggests that the Fed could once again tighten its monetary policy.
"As we said at the time, if the operation was intended to control free dollars, the stock of bonds in the market would not change and the value of the parities would be set based on other fundamentals," said Pablo Repetto, from Aurum. Values.
"In addition, the persistence of indebtedness reports via REPO has probably
worried some investors
because in order to obtain the REPO debt for several billion dollars would have to be issued, which would
increase the potential supply of bonds in a market with little demand
," he added. I repeat.
The debt repurchase, harshly criticized by the opposition and questioned by various market players, caused the government to spend
just over US$600 million
in the last four weeks , according to market estimates.
This, at a time when the income of dollars to the country again touched minimums and the outflow of reserves from the Central Bank is accentuated.
In the stock market, Argentine companies are solid.
The ADRS, the papers of local companies listed in New York, show increases of up to 6.5%, with Tenaris in the lead.
This somehow boosts the local stock market, where
the Merval index rises 1.5%.
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