Bonds and shares in red after the announcement of the loan to pay the debt

Argentine stocks listed on Wall Street They are almost all in red, with drops of up to 3% for Pampa Energía and Transportadora Gas del Sur. Among those that are saved, the most solid is Ternium with an improvement of 3.8%. Also in Buenos Aires the downward trend continues: Merval loses 3.3% and YPF collapses 5% in the central panel.

Regarding bonds, dollar securities issued under New York law they give between 0.1% and 0.3%which leads to a new rise in country risk, which reaches 575 basis points.

Only the exchange market seems safe from the bad streak, with the retail dollar falling five pesos, $ 1.485, in Banco Nación while the wholesaler advances 0.3% after two days of decline and is trading at $ 1.470. The MEP drops 0.1% and the cash with liquid 0.3% and are negotiated at $ 1.496 y $ 1.535, respectively.

“After the latest positive wheels, Wall Street is experiencing a day of greater stability, to which domestic assets respond in a mixed manner, with ADRs once again seeing more pressure while bonds appear firmer before the announcement about the Repo,” said economist Gustavo Ber.

“Now attention shifts to the response of investors after the funds were accredited on January 9, since if a ‘reinvestment effect’ could contribute favorably to the continuity of country risk reduction,” adds Ber.

“The announcement of the repo with international banks is good news, since it limits the drop in liquidity in dollars with the payment on Friday. However, given that the Government already had the funds to make the payment of global and bonars, We do not expect it to have a significant impact on prices, country risk, or the market“, they say from the Puente research team.

And they agree that the key for the next few days is to see what happens after payment. “We are very attentive to what may happen on the side of those who collect the payment, since “In the last two coupons, the reinvestment of funds in Argentina was very limited.”

Once the payment of the US$ 4.2 billion has been secured this Friday, attention now focuses on how the financing film continues. “Going forward, we focus on analyzing the drivers that can lead to greater compression of the sovereign curve, identifying mainly two: access to international markets and a further improvement in credit ratings”, points out Puente.