September began with a surprise debt tender. Outside the official schedule, the Treasury announced the reopening of some bonds, a move that the market understands to be a reflection of the “urgent need for financing” after the announcements made by the Ministry of Economy this Sunday. In the exchange market, free quotes registered falls of up to $13.
In the last round of the week, the Dolar blue sold for $730 on the streets of City porteña It meant a drop of $5 compared to the previous close (-0.7%), stringing together the third consecutive day in decline, and thus closed without changes compared to last Friday.
This trend was also observed in the dollar counted with liquidation (CCL) with cedears, segment where the interventions carried out by the Government in the bond market have no impact. Today appeared on the screens of the capital market to $767.88, about $13 less than yesterday (-1.6%).
In this way, this price was once again below the peak of $789 in July 2022 (adjusted for inflation) and moved away from the all-time record of $873 in October 2020, according to calculations by Personal Investment Portfolio (PPI).
“What is behind this sharp drop? We can not see drivers clear, so we cannot determine if this is the start of a downtrend or a pause in the climb. However, we believe that certain institutional players would be seeing attractive entry points into local assets, causing a collapse of the CCL. Beyond this, we emphasize that we are in a moment of great political uncertainty, which will possibly extend until the November 19 ballotage, and that the macro perspectives do not support this appreciation of the peso,” they added.
On the other hand the mep dollar it sold for $670.37. It was a slight drop of $0.5 (-0.1%), despite hitting highs of $690 in early trading of the day. This is because the Central Bank issues orders through the bond market to lower this price and keep it artificially static for the close of the day.
The wholesale exchange rate remained fixed at $350.10, after the Government validated a 22% jump during the post-PASO Monday. The gap against blue it is 108% and against CCL, 119%.
“The Treasury today opened a tender outside the established semi-annual schedule. After a long time, titles adjusted for the official and dual exchange rate were included again, which offer exchange or dual coverage. In the current situation, these securities would be in high demand by the market, which would enable the Treasury Obtain funds to finance the increase in public spending that the Platita 2 Plan will imply announced this week”, they added from Delphos Investment.
Meanwhile, this Friday the Central Bank managed to close the wheel with a repurchase of just US$1 million for the reserves. This sharp decrease compared to previous days occurred after the Minister of Economy, Sergio Massa, announced his decision to release the SIRA for industrial SMEs. “August was a month of reserve accumulation and we have the capacity to pay”, he said. Last month it closed with a positive balance of US$1,270 million, something that had not happened since August 2006 (it was US$1,611).
With the focus on the stock market, today the Buenos Aires Stock Exchange traded at 634,791 units, just 2.9% less than yesterday. In the leading panel, the stocks that fell the most were those of the Banco Supervielle (-5,2%), BBVA (-4.5%), the Galician Financial Group (-4,1%) y YPF (-4,1%).
Argentine shares listed on the New York Stock Exchange also operated in negative territory. The papers of Banco Supervielle they sank 4.7%, followed by cresud (-3,7%) y Loma Negra (-3,1%).
Instead, the bonds of the last debt swap were stained red. Abroad, the Bonares fell to 1.49% (AL30D) and the Globals, -1.42% (GD46D). He risk country it gave up 15 units, up to 2090 basis points.
