Tuesday, December 7

S&P Merval hit the fourth consecutive decline and bonds sank as much as 6%


Among the companies, the declines in the shares of Aluar (-4.8%) and Ternium (-3.3%), two of the stocks that had grown the most in the first weeks of the month, stood out. They also highlighted significant losses in firms in the energy sector, on a day in which the international price of oil fell to a minimum of six weeks, and in the financial sector.

With the same tonic, Argentine stocks listed on Wall Street also suffered a majority of losses, led by Banco BBVA (-5%), Grupo Financiero Galicia (-4.2%) and Mercado Libre (-3.5%).

After improving its electoral performance with respect to the PASO, the Government is working to send the draft of Multiannual Economic Program for Sustainable Development. Through it, it will seek to dispel doubts regarding the negotiations with the IMF and approach positions with the entire political arc regarding the necessary conditions to reach the best possible agreement with the organization.

“The market doubts that the program is accompanied by the correction of macro imbalances,” estimated the brokerage firm Portfolio Personal Inversiones (PPI). “Meanwhile, currency and currency noises persist,” he added.

An IMF spokesperson said this week that they “continue to work” on a plan that addresses “Argentina’s most pressing economic and social challenges, including high inflation, which disproportionately hits the most vulnerable sectors.”

In the fixed income segment, dollar bonds collapsed to 6.1% as in the case of the AL29 bonar. In this framework, the Argentine Country Risk grew 1% to 1,724 basis points.

Market sources assured that the latest restrictions on acquiring dollars through bonds added a limitation to weekly sale with settlement in foreign currency for nominal 50,000 bonares, which from now on cannot be offset or netted with purchases. On Tuesday the title most used to trade financial dollars (AL30) collapsed 6.6%.

On the other hand, bonds in pesos indexed to inflation (CER) showed uneven behavior this Wednesday, with rises in the short section of the curve and decreases in the long section.

The Ministry of Economy will seek to get $ 60,000 million this Thursday in the second local currency debt tender of the month, through three fixed rate instruments, with maturities between December of this year and May 2022, and two CER instruments with a deadline in June of next year and March 2023, respectively. This time there will be no titles adjustable at the official exchange rate.

In the first bidding of the month, the Treasury obtained $ 79,585 million, almost seven times more than the maturities it had in that week ($ 11,600 million). Additionally, it managed to exchange 52% of the remainder for the dollar linked T2V1 bond, which expires on November 30.

As a result of this operation, the projected maturities for the month of November ($ 328,367 million) were reduced by about $ 50,600 million.



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