Argentine stocks and dollar bonds rose on Wall Street before the signing of the May pact

Argentine stocks and dollar bonds rose on Wall Street before the signing of the May pact
Argentine stocks and dollar bonds rose on Wall Street before the signing of the May pact

Los dollar-denominated bonds reversed the negative trend and closed with a majority of increases this Monday, July 8, awaiting the AL30 coupon payment. Some voices in the market considered that the initial drop in public debt securities was exaggerated. For their part, the Shares of Argentine companies listed on Wall Street ended higher, while the S&P Merval He moved forward cautiously.

Thus, the most significant increases were for the Global 2046 (+4,4%), Bonar 2029 (+3.2%) and for the Global 2038 (+3%). While the risk country fell below 1,500 units by 1,496 points.

Las Lecaps were quoted with a majority of increases, the highest being 0.6% by S31E5, S29N4 y S31M5. Conversely, peso bonds tied to CER recorded the majority of losses: the most outstanding were the TZX27 (-2.8%), the DIP0 (-2.3%), the TZX28 (-1.4%), and the TZX26 (-1.3%). For their part, the BONARES also fell, with the exception of BPOA7 (+0.6%). Finally, the dolar linked were quoted mixed.

For Eric Paniaguaeconomist at EPyCA Consultora, it is “necessary to have a slightly more moderate view this week, Bonds are likely to fluctuate slightly upwards, particularly after Stutzenegger’s appointment.“But I don’t think there will be an excessive rush for Argentine assets, I see that as unlikely.”

On the other hand, Paniagua recalled that tomorrow is a holiday, so today the local market will surely move with very little volume, but the potential payment, the probable, very probable payment of capital and interest that is coming in global bonds will generally reaffirm the position that Argentina will pay, “And with that vision it is also possible that bonds move in an upward trend, without, and I insist again, without there being an excessive vortex”.

ADRs en Wall Street

Los ADRs They also reversed the negative trend with which they opened the session and closed with a majority of increases. The most important increases were those of BBVA (+3,4%); Pampa Energy (+3,2%); e YPF (+2.6%). The losses were for Bioceres (-1,1%) y Black Hill (-0,5%).

In the local square, the S&P Merval advanced 0.9% to 1,643,221.090 units. In the interior, the stocks that rose the most were those of the Society BBVA Bank (+3,3%); Pampa Energy (+2,5%) y Ternium (+2.2%). The most significant declines were those of Black Hill (-1,1%) e IRSA (-0,5%).

Markets: What’s Next and What’s Going On

This Wednesday, July 10, the AL30 bond, one of the most popular among investors, will pay interest and capital. This is one of the most important events of the week that is being discussed at the tables at this time. Also, the arrival of Federico Sturzenegger generates expectations in the markets, for his promise to deregulate the entire economy and, on the other hand, this Monday the promulgation of the Bases law and the fiscal package, which had been long awaited, was finally published in the Official Gazette.

“We prepare for the Amortization of the ‘Bonar 2030’ and other bonds for more than US$2.5 billionguaranteed by the Government and which speculates with a high level of reinvestment due to the future opportunities expressed by Argentine fixed income,” commented a financial advisor from a Buenos Aires brokerage.

Another element that has an impact on the markets this Monday is the publication of a moratorium on customs, tax and social security debtswhich is accompanied by an asset laundering programme that the Government had promised and with very beneficial conditions for those who have undeclared assets.

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