Friday, March 29

Amid uncertainty with the IMF, bonds fell sharply and Country Risk exceeds 1,900 points


“The dollar-linked sovereign tranche was in demand today, rising 0.4% on average, led by TV22 (+0.6%). Meanwhile, CER-adjusted peso bonds traded mixed today, concentrating the bulk of operations the TX22 (+0.1%), falling 0.2% the middle section (TX23/TX24)”, SBS Group said.

Argentina must pay the International Monetary Fund a maturity of some US$730 million on Friday and another US$365 million on February 1, before a large maturity of US$2.9 billion in March, a key date for the market.

“What is going to happen, we will know in the next few hours,” presidential spokeswoman Gabriela Cerruti said at a press conference, stating that “The Argentine government is willing to reach an agreement to pay in a sustainable way.”

“On Friday comes a due date with the IMF, and already in the last hours the comings and goings continue with intensified contacts and declarations, all under a scenario still uncertain regarding compliance with said payment,” said Gustavo Ber.

And he expanded: “Clear the uncertainty and approaching an agreement at least light that allows to postpone the bulky maturities is crucial in order to avoid accentuating the financial tensions, since said climate further complicates the dynamics of the current macro imbalances”.

This week, in addition, the Federal Reserve of the United States kept the reference interest rate in the range of 0% to 0.25%. The body in charge of Jerome Powell plans to start a process of raising rates in March, which could be repeated throughout 2022.

In this way, the Fed seeks to control inflation in that country, which rose to 7% year-on-year in 2021. Although this could generate a negative effect in emerging markets such as Argentina, operators maintain.

S&P Merval y ADRs

In turn, the leading S&P Merval index of Argentine Stock Exchanges and Markets (BYMA) rose 0.2% and stood at 85,968.76 points.

The rises in the leading panel were led by the papers of Transportadora Gas del Sur (+2.7%), Transener (+2.3%) and Ternium (+1%). The largest decreases corresponded to Banco Supervielle (-2.3%), Cresud (-1.3%), and BYMA (-1.3%).

The volume traded in Cedears during the day rose 21% to $4,719 million, which represented 86% of the traded in equities. While $762 million in local shares were traded.

As for the Argentine companies listed on Wall Street, the greatest decreases were Ternium (-2.7%), Globant (-2.3%), and Central Puerto (-2%). As for the increases, they were led by Mercado Libre (+1.7%), Tenaris (+1.6%), and Irsa (+0.5%).



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