Since the new restrictions for access to the official exchange market, the benchmark accumulated a decline of 6.1%, while at the same time it was located close to 20% below the maximums reached in August.
Despite the improvements over the end of the week, the Portfolio Personal Inversiones brokerage noted that there is a perceived tendency for investors to exit the Argentine risk, behavior that was reflected in the acceleration of the operations of Cedears (shares of non-Argentine companies listed on the Buenos Aires Stock Exchange) over local shares.
The shares that rose the most this Friday were those of the energy sector; the papers of Cresud, Central Puerto, Transportadora de Gas del Norte and Transener posted gains of over 3.5%.
Meanwhile, the ADRs of Argentine companies, which are listed on Wall Street, closed unevenly after operating with losses for much of the round and suffering significant significant losses at the beginning of the week.
Thursday, The International Monetary Fund (IMF) announced that it will send a mission to Argentina in early October in order to discuss the terms of the new agreement.
“In the midst of political tensions and economic uncertainty, the fund’s mission awakens expectations, since it could not only help to agree on a comprehensive economic plan that gives investors greater confidence, but also contribute to the roll-over of debts to continue clearing the financial program for the next few years, “said the economist Gustavo Ber.
It should be remembered that the debt to be restructured with the multilateral credit organization amounts to US $ 44,000 million. The options being considered are, on the one hand, signing a new “stand-by” that would allow the country to start paying from 2024 in exchange for a commitment in fiscal matters or, on the other hand, agreeing on an extended facility plan ( “EFF”), which would be looser in terms of time but more rigorous in terms of the conditions for the Government’s economic plan.
Bonds and country risk
In the fixed income segment, the new bonds aroused a little more demand from operators, that made selective purchases in the midst of reduced liquidity.
Among the brand-new titles, those with longer terms ended up higher; Global D 2035 (New York law) grew 0.6% and Bonar 2041 (local law) rose 1.4%. Hand in hand with an increase in stock exchange rates, bonds denominated in dollars showed a majority of falls while those denominated in pesos rose.
With these data, in the accumulated of the week, all the local titles presented contractions around 5%.
“There is no news that can justify the ups or downs, everything is still in a situation of total uncertainty. This is more contingent on small purchases and sales without liquidity, than any possible good news for the future, “Mariano Sardáns, director of the asset manager FDI, told Reuters.
“The falls in bonds in recent days made little sense when the government’s short-term expenditures are almost nil. There were already some debt holders who had planned to leave before the swap, but as they had no liquidity, these exits they cause you big falls, “he added.
The bonds came from yielding an average 2.4% in the first four days of the week, which led to Risk country to exceed 1,400 points. However, in the last two days, the index produced by the JP Morgan fell and this Friday it stood at 1,332 basis points. Two consecutive falls were not perceived in this indicator since the beginning of September, when the successful results of the debt swaps were announced.