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Monday, August 10, 2020

The dollar shot above $ 100 and funds appeared that raised the reprofiled bonds

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Behind the rise in alternative dollars to more than $ 100, the business of dollar bonds that are in default with parities of between 24 and 25% emerged.

“These securities have the advantage that they now have more land to go up than to go down and they should not be left in the bank,” said one operator. Is that when you have dollars or MEP, they are deposited in some local account and there is an Argentine risk. This makes the price of these dollars relative. No one knows if they are expensive or cheap.

“There is a mountain of pesos that banks reject paying low rates that investors have no choice but to direct them towards alternative dollars, but for me it is a better business to go out and buy bonds in local dollars that have a settlement price,” added the operator.

That is why there was a demand for funds from abroad that prevented the country risk from continuing to skyrocket.

So Bonar 2020 rose almost 2% to $ 24.75. It has local law, but its price seems like the flat. And although he promised to pay it next year, he is tied to the negotiation of the debt in dollars that foreign legislation has. Bonar 2024, another defaulted security, traded at $ 22.90 and rose 1% in dollars.

This means that they rose more than the alternative dollars because these bond increases were directly in dollars and the alternative ones rose in pesos.

Cash with liquidation increased $ 7.38 (+ 8%) to $ 102.21 and the dollar Stock Exchange or MEP, $ 6.73 (+ 7.2%) to $ 101.09. On the other hand, the Discount with New York law that expires in 2033, is not in default and maintains a parity of 53%, it fell 3%. These movements caused the country risk to rise 2% to 3,928 basis points.

The dollar in banks and exchange houses rose 36 cents to $ 67.43. Meanwhile, the wholesaler accelerated its devaluation with purchases by the Central Bank for USD 40 million. It is not known whether this higher rate of devaluation, which went from 0.10% daily to 0.30%, was due to the recovery of the Easter holidays or is the rate imposed by the Central Bank in the face of the sharp fall in currencies. emerging. The dollar increased 1.7% against the real and 1% against the Chilean peso, 1%. The Argentine peso ended wholesale was devalued 0.3% by raising the price of the United States currency 22 cents to $ 65.38.

The free dollar continued at $ 90 and was paid to the public at $ 86. The purchase of dollars raised the reserves from USD 57 million to 43,861 million.

The Stock Market started down 1.70%, but at 14:00 it was on positive ground and the S&P Merval, the leading stocks index, closed with an increase of 3.08% with a turnover of $ 684 million.

The rise of the banks was the highlight. BYMA led the hikes with 8.12%. Macro followed with 6.82% and Supervielle with 5.98%. But the role that bounced the most was Cresud (+ 9.74%).

Argentine ADRs – a certificate of ownership of shares listed on Wall Street – closed in red. Only two certificates went up: those of Ternium with 2.71% and those of Free market with 1.82%. The strongest falls were those of America Corporation (-9.71%), one of the papers that had risen the most last week, and those of Central Puerto (-8.08%). The movement has more to do with the use that is made of these certificates to make cash dollars with liquidation than for some logical business reason.

The problem of the companies is aggravated with the rise of the dollar. “SMEs are in a context of crisis with a stressed payment chain and complicated financing. In this context it is noteworthy that in the Argentine Stock Market (MAV) Today checks for almost 700 million pesos were discounted of which 250 million were electronic checks, which is a novelty imposed by the Central Bank, “he said. Fernando Luciani, executive director of the MAV. SMEs by auctioning their checks in this market make money at lower rates than those charged by banks. Buyers are institutional investors who resist putting money in financial institutions because the rates they pay them are very negative in the face of inflation. The checks that are negotiated in this square have guarantees.

For today the market was very marked by the rise in the dollar due to the banks’ refusal to increase their fixed-term deposit portfolio because they have difficulties in lending the money. This situation releases pesos that are looking for dollars.

In fact, If the dollar does not rise any more, it is due to the obstacles to operate of those who are not banked or are not managed from their homes with technology.

People have to get a number to go to the banks. The quarantine, in this sense, works as a real deposit yard and slows down the rise of the dollar.

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