Wednesday , April 14 2021

S&P Merval fell 3% and the country’s risk reaches a new record since September

As of Monday, the main losses were observed in the banking sector. Shares of Grupo Supervielle fell 6.8% and deleted the astonishing gains they had shown last week to return to trading at levels similar to those of early February.

At the same time, the ADR De Supervielle fell 6.7% and also led to losses on local assets included on Wall Street.

The complications created by the Koran virus, high inflation and the slow negotiations with the International Monetary Fund (IMF) For an extensive facility program, there are three difficulties that alert those entering the domestic market.

Gustavo Ber, by consulting firm Estudio Ber, said that “operators are still waiting for the news to negotiate with the IMF, as well as It is at least vital that we be able to carry over commitments so as not to put pressure on reserves. of the Central Bank. This is when investors recognize the low probability in an election year of agreeing to an economic imbalance plan. “

In this regard, the president Alberto Fernández said today during a tour of Mexico that the country wants to “find an agreement, but it must be an agreement that suits Argentina and that it does not cost the Argentines more than they have already suffered”.

In response to Vice President Cristina Fernández’s alleged intention to delay the deal until the pandemic was over, the president assured that he was listening to her opinion, but that the deal “is a problem that I and Economy Minister (Martín) Guzman) must solve” “.

Bonds and country risk

In this context, ties Dominant in dollars closed again on the day of the fall. Bonar 2030 fell 1.7% this Tuesday, while Global 2030 fell 1.6%.

Therefore, country risk rises 0.9% to 1,515 basis points, the highest rate since September, when the government reported a 99% commitment to the external debt restructuring proposal. Since that date, the price of securities issued under foreign law has fallen between 20% and 30%.

“The framework does not accompany either Argentina bond yields are on the verge of 20%. Added to this is the turmoil in Brazil and another extension to the US Treasury Department’s 10-year interest rate, which is already around 1.4%, “said Delphos Investment.

The pesos adjusted for inflation The session ended differently, with the shortest terms trading higher (Boncer 2021 and 2023) and the longer terms closing lower (Boncer 2024 and 2026).

Today, the Ministry of Economy announced a new offer for securities in local currency, through which it seeks to receive $ 210,000 million to close in February with new net funding.

According to the official statement, the portfolio headed by Martín Guzmán intends to place more than half of the debt on Boncer, expiring in 2023 and 2024.

Analysts say investors are facing a dilemma between demanding short-term instruments but with negative real interest rates, or seeking larger instruments with positive interest rates.

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