2023-07-12 01:00:22
Dollar bonds closed with widespread increases, this Tuesday June 11, encouraged by selective purchases and injection of external investment. For his part, the S&P Merval rose while ADRs closed mixed. This happened while awaiting the news of the entourage that is traveling to the United States to finalize a new agreement with the IMF and advance disbursements.
For his part, dollar bonds climbed up 10%continuing a similar rise marked in the previous wheel, within the framework of the semester coupon payment that the government carried out to the private bondholders restructured in 2020 by the former Minister of Economy, Martín Guzmán. The bonds that topped the list were: Bonar 2029 (+10.1%), Bonar 2035 (+4.2%), and Bonar 2038 (+3.6%).
The country risk, measured by the JP.Morgan bank, fell 47 units to 1,982 points, levels similar to those recorded a week ago. Operators consulted by Scopethey explained that the rise in AL29 “was due to specific operations” but that there is no specific cause behind it.
“Local titles once once more outperformed both provincial and corporate debt”said Javier Casabal, fixed income strategist at Adcap Grupo Financieroadding: “On the sovereign bond side, we saw steady demand for both 2030 issues (Local Law and New York Law) earlier in the day, which stretched out along the curve. The spread between the local 2030 bonds and New York law traded at approximately 20%“.
For its part, PPI highlighted:The Global curve exhibited increases of between 2% and 3.1%. Thus, the weighted average price of hard dollar debt catapulted to the u$s33,12 (+5.2% so far this week)”.
A team from the Ministry of Economy travels to the United States to negotiate a relaxation of the agreement with the International Monetary Fund. The Government seeks to modify the objectives agreed with the IMF and advance disbursements. This week the CPI for June will be released and it is expected to be close to 7%, which would imply a second consecutive month in which the rise in prices slowed down.
Shares and ADRs
BYMA’s S&P Merval Index gained 0.5% to 422,765.39 points following a shaky session on intraday profit-taking. The Merval marked a record level of 443,475.81 units on Monday. Within this framework, the biggest increases were: Banco Macro (+2.7%), Ternium (+1.9%), and Aluar (+1.7%). In the general panel, Agrometal shot up 12%.
In the New York Stock Exchange, Wall Street, shares of Argentine companies listed there they closed mixed. The papers that led the casualties were Bioceres (-2.9%), and Shipping company of Gas del Sur (-1.6%). The main increases were Mercado Libre (+3.2%) and Irsa (+2.5%).
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