The most notable decreases were recorded by Global 2029 (-4.8%); Global 2038 (-1.9%); and Bonar 2029 (-1.8%).
The country risk of Argentina of the JP. Morgan bank fell 0.36% and closed at 1,951 units, compared to its record of 1,991 units noted at the beginning of March.
President Alberto Fernández said this Friday that tariffs on grain exports are the way to prevent the increase in international food prices from being transferred to domestic prices.
Doubts about the future of the economy take away momentum among financial investors, while deepening tensions within the government coalition.
In March, Argentina agreed to a debt restructuring with the International Monetary Fund (IMF) for some 44,000 million dollars, through a commitment to increase the reserves of the Central Bank (BCRA), reduce inflation, and reduce the fiscal deficit and monetary financing , among other points.
Following recent declines, which led to sovereign debt hitting record lows since the 2020 swap, the ‘Global’ in dollars redeemable in 2035 “is still the best today to be positioned for a possible strong recovery, due to its good liquidity, its parity of 28% and its competitive coupon structure”affirmed from Cohen.
S&P Merval y ADRs
For his part, the leading S&P Merval index porteño yielded 0.6%, to 88,118.96 points. The local stock market was unable to sustain an initial improvement and was coupled with a pullback on Wall Street amid persistent fears about global growth and latent stagflation.
On Wall Street, meanwhile, Argentine stocks closed with most losses, at the end of another very volatile week for global financial markets. With a decline of 3.2%, Free market led the casualties, followed by BBVA bank (-2.9%); and by Cresud (-2.8%). On the other hand, the increases were led by IRSA Commercial Properties (+4.9%); Vista Energy (+4%); and Supervielle (+1.7%).
“Sharp declines could follow vigorous recoveries, however, we believe the underlying trend is down and we are in a bear market,” StoneX analysts noted.
“Foreign operators are focused in this stage of uncertainty on reducing the risk of their portfolios, and that is where emerging assets also come in”commented an economist.