After eight years, Argentina again issued a dollar bond for $1 billion. Although the The annual rate was 9.26%, higher than official estimatesIt managed to reach single digits and allowed the government to add foreign exchange to cover some of the debt due in January. However, This Thursday, stocks and government bonds open the wheel in negative territory.
Government bonds ended the uptrend of the last few days: the Bonares fell by 0.93% (AL35D) and the Globales fell by 0.68% (GD46D). He Country risk advance two units and is 630 basis points (+0.3%), according to the screens of Rava Bursátil.
The Buenos Aires Stock Exchange also opened on Thursday with numbers in red, as the first reaction to the offer, since the result was known after the market closed yesterday. The S&P Merval share index fell 0.3% and stands at 3,004,579 units, equivalent to $1,998 adjusted for liquidity dollar (-0.7%).
The main panel, made up of the companies with the highest business volume in the market, saw the biggest declines of the day Aluar (-2%), Silver Trading Company (-1.5%), Central port (-1.5%) and YPF (-1.4%).
Argentine stocks listed on the New York Stock Exchange (ADR) show different fluctuations, in a circle that is also characterized by negative numbers in the main stock indices of Wall Street. The papers from Southern gas carrier stand out with an increase of 4%, followed by Free market (+1.5%) and Great bench (+1.1%). On the other hand, Cresud (-1.9%), Central Puerto (-1.3%) and Globant (-1%) declined.
With a focus on the foreign exchange market, the The official retail dollar sells for $1,460 Home banking from Banco Nacion, same value compared to the previous deal. On the other hand, according to the survey of financial institutions conducted by the Central Bank (BCRA), the average market price is $1,460.45.
He The official wholesale exchange rate is $1,438.17. with a daily advance of just $0.45. According to PPI, the Treasury would have purchased about $46 million in the foreign exchange market yesterday, after selling $31 million on Monday and Wednesday last week and another $2 million on Tuesday. With these values The reserve accumulation target set in the agreement with the IMF, which will be reviewed in January, appears to be a long way off.
Financial exchange rates are trending slightly upwards. He MEP dollars appears on screens at $1,474.76, an increase of $3.41 compared to the previous close (+0.2%). He Cash with settlement (CCL) It is up $5.19 and trading at $1,502.13 (+0.3%).
Among the caves and trees found in downtown Buenos Aires is the The blue dollar is trading at $1450. same value as Wednesday. It is currently the cheapest retail asset in the foreign exchange market.
“As the first access to the markets, the tender was very good. Especially because of the interest rate, because it implies a sovereign risk of around 550 basis points, which was the target that the government initially set for the return to the markets. Now We’ll have to see how they can come up with the remaining dollars to pay the January coupons and principal payments, which would be about $3.2 billion. Surely they will be covered with it Repos or some other type of surgery,” he said Alan Versallianalyst Research of coconut.
However, for the analysts at Portfolio Personal de Inversiones (PPI): The result left a “semi-bitter taste.” As they explained in recent days, due to different indications and a series of regulations aimed at stimulating demand for local players, The “bar of expectations” surrounding the tender has been raised. “Precisely for this reason and apart from the low liquidity that the instrument will have, “We do not see that the interest rate on the new bond, which was below the Bonares curve, will allow significant compression in this segment.”they have completed.
“Although the market valued this bond at over 10% depending on the location of the local Bonares curve, the truth is this The lower performance achieved is not surprising. This is explained by the assessment of the bonus structure and the effect of regulatory incentives “Recent events have increased the involvement of banks and insurance companies,” he added. Eric RitondalePuentes chief economist.
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