This is due to the fact that Argentine ADRs recover significantly. Pampa Energía’s papers on Wall Street skyrocket up to 6.6%.
Now, the market awaits the presentation of the restructuring agreement in New York (SEC) and the start of negotiations with the IMF, while waiting for some signals regarding the economic plan to overcome a recession that has already accumulated more than two years.
The formalization of the revised offer would confirm the final agreement to restructure around $ 65 billion, which would help avoid a complicated legal battle and help Argentina emerge from default.
The economist Gustavo Ber clarified that “despite the reaction of the shares, foreseeable from those operators oriented to ‘trading’, Investors continue to favor caution as they cannot find new drivers for now to regain a greater appetite“.
Bonds and country risk
In the fixed income segment, for their part, the main bonds sovereigns nominated in dollars, once again show a majority of setbacks for the second consecutive day.
In yesterday’s trading session, the Bonar 2024 fell 1.1%, the Bonar 2020 1.2%, the Pair 2.3% and the Discount 0.5%. According to Portfolio Personal Inversiones, the main contractions occurred in bonds under local law and in short tranches.
However, Joaquín Candia, from Rava, asserted that “parities remain relatively stable since the prices have incorporated all the available information “.
In this context, risk country of Argentina, measured by JP Morgan, rises slightly and stands at 2,108 basis points.