“To the classic economic uncertainty, and together with the contagion figures that are causing concern again, are added the latest movements of 2021 that, between purchases and sales of assets for tax purposes, many are those who try to close 2021 what as verbose as possible, which incorporates a new factor to certain assets that could produce erroneous quotes “, they explained from the stock market company Rava.
Meanwhile, investors are waiting for the outcome of the negotiations with the IMF. It should be remembered that in the first quarter of 2022 the country will have to pay around US $ 4,000 million to the organization and another US $ 2,000 million to the Paris Club, when currently net reserves are around US $ 2 .300 million.
“It is necessary to obtain all the international consensus that is necessary to be able to have an agreement between both parties (Government-IMF),” said the Minister of Economy Martin Guzman in an interview with the newspaper El País, regarding the negotiations with the institution led by Kristalina Georgieva.
The official added that “the Argentine government has full interest in closing an agreement as quickly as possible based on an economic policy scheme that will allow the country to continue on the path of recovery and reducing inflation.”
For its part, sovereign bonds issued in dollars culminated in dissimilar behavior. The Globales (issued under foreign law) extended their winning streak and concluded with timid increases, for which the country risk prepared by the JP Morgan bank fell 16 units, to 1,702 basis points.
“In this way, the average price of sovereign bonds ended at $ 34.49. In the absence of a wheel for the final clasp, old indenture bonds (more flexible legal conditions) show light reds of between -3.6 / – 5.6% in the year, while the rest presented drops of up to -14.4% “, they remarked from Personal Investments Portfolio.
Within bonds in pesos, those adjustable for inflation (CER) once again led the green ones. The middle / long part of the curve advanced 0.9%, with the TX26 / DICP leading the advances.
On the closing of market operations, The Ministry of Economy reported that in the first round of the last tender of the year it obtained $ 334,445 million.
Of the total amount placed this Wednesday, 80% corresponded to instruments maturing in 2022, 14% in 2023 and the remaining 6% maturing in 2024. Likewise, 53% of the adjudicated debt corresponded to four fixed-rate instruments , 37% to three CER securities, and the remaining 10% was linked to an adjustable bond at the Badlar rate (+ 5.25% yield).
With these numbers, and how much the results of the second round of the tender are still missing, the portfolio led by Martín Guzmán closes December with a monthly debt refinancing rate of 146%, the second highest in 2021, behind June.
What’s more, In the accumulated of 2021 it exhibits a net financing of $ 731,405 million, which implies a roll over of 121% and is equivalent to about 1.6% of GDP. It should be remembered that the government’s goal was to finance itself via the market for $ 900,000 million, something that it finally could not achieve due mainly to some meager tenders at the beginning of the second semester.