The market quickly celebrated the approval of the Base Law and the Fiscal Package, which finished voting this Thursday at 6. Argentine debt bonds listed abroad reach 3.5% in the so-called “premarket”, the operations that take place before quotes formally open.
For example, the role of YPF, Telecom and the Galicia and Macro banks They rose by more than 8%, and then settled between 5 and 7%.
The most traded bond, the Global 30, For its part, it reached US$56.53 after an advance of 3.2%. But the rest of the titles accompanied: the GD35another favorite, jumped 3.70% to US$43.53.
Although the approval of the Law must now be discussed again in Deputies because there were articles that underwent changes, in the City they believe that This is a first signal that the market was waiting forafter weeks of bearish bias for Argentine assets.
“We hope that the Senate’s approval of the Basic Law will translate into a rally today. To what level? It is very difficult to specify and we do not believe it will be as simple as predicting the previous highs, but it is certain that can cut the losses caused by the uncertainty of recent weeks”they pointed out early in the consulting firm Outlie.
And they added: “We will also have to see how the market processes the changes, especially those introduced in the fiscal package that may condition the completion of some recent announcements and extend the suspense a few more weeks (until it is defined again in Deputies)”.
Delphos also sees in this confirmation a possibility of improvement for the bonuses and for the risk country. “We discount that the market will react positively to this news and will continue this week’s upward trendwhich will surely be combined with a decline in the CCL and MEP dollar (a movement that was already hinted at on Wednesday afternoon)”, they stated. In the previous one, the blue dollar and the cash with settlement had closed lower.
The country risk starts the day in the area of 1,484 points. “Today, we consider dollar bonds as the most attractive in the world of sovereign securities. After approaching 1,200 points, the country risk rose to almost 1,600 points to stand at 1,484 today. We see these levels of country risk as unreasonableso we believe it is attractive to bet that it will contract to, at least, the 1,200 area again and as a second target 1,000 points“, they advanced in Delphos.
