Thursday, December 7

S&P Merval falls without Wall Street benchmark; bond skid continues

The day’s losses were led by shares of Mirgor (-1.5%), Central Puerto (-1.3%) and Pampa Energía (-1.2%). On the contrary, the papers of Black Hill (+2.8%); Edenor (+1%), and Transportadora de Gas del Norte (+0.7%).

Domestic assets extend weakness on the back of the lack of news regarding an agreement with the IMF. This “It accentuates the uncertainty in view of the fact that 22-M (March 22) continues to approach”, said Gustavo Ber, economist at Estudio Ber.

For its part, the consulting firm Delphos Investment estimated that “The negotiations will have to have a significant dose of pragmatism to reach an agreement before the maturities of 2.8 billion dollars on March 21 and 22.”

In this context, the chancellor santiago cafiero will meet this Tuesday with the secretary of the United States Department of State, Antony Blink, within the framework of the negotiations that Argentina is carrying out with the IMF.

The financial markets of the United States remained closed due to the commemoration of Martin Luther King Day.


In the fixed income segment, bonds denominated in dollars do not stop falling and lose this Monday up to more than 2.5%, affected by the public differences between the Government and the IMF. Among the main losses of the day was the Bonar 2041 (-2.6%); the Bonar 2035 (-1.8%); and Global 2035 (-1.6%).

In any case, they did not show reference values ​​given the inactivity of the US market.

“Sovereign bonds in dollars have already lost almost 10% on average at the start of 2021. These are reflecting the combination of few reserves with uncertainty about the negotiation with the IMF, worse prospects about the harvest, and an external context where the major central banks are shifting towards less loose monetary policies,” commented Roberto Geretto of Fundcorp.

The sovereign securities in dollars fell in all rounds of the year, with the exception of last Wednesday, when they closed mixed.

In the segment in pesos, inflation-linked bonds registered increases of up to 0.8% (Q2X2), after the inflation data for December and all of 2021 were known last week. In the month these titles accumulate rises of up to 6.7%.

In this context, The Argentine Country Risk closed on Friday at 1,882 basic points, maximum in a month and a half, after accumulating a rise of 10.8% in the first two weeks of the year.