Day: April 14, 2020

The dollar surpassed the 100 pesos, and international reserves rose $57 mn

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A new surge in implicit exchange rates, with increases of up to almost 8%, led the dollar to exceed 100 pesos on the stock exchange for the first time. El Contado con Liquidación shot up by 7.9% and drilled widely through the 100 pesos, to 102.21 pesos. The exchange rate gap widened to 56.3%, the highest since the end of 2015. The BCRA’s International Reserves rose this Monday by $57 million to $43.86 billion. This way, they accumulate a growth of $276 million in the last seven days.

Argentinean Certificates of Deposit (CEDEARs) rose 32%

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Argentine Certificates of Deposit (CEDEARs), which represent shares of foreign companies: their prices rose to 32%, and their volume grew by 144%. Investors use this type of instrument basically to make dollars since the evolution of CEDEARs’ quotations is not only supported by the movements of the shares in New York, but they also receive the impulse of the “cash dollar” which, this Monday, shot up 7.9%.

On April 22nd, Argentina faces a $500mn maturity

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On April 22, Argentina will face maturities of just over $500 million, for coupons on bonds governed by foreign law (global 2021, 2026 and 2046). The country could decide not to pay on that date and take the 30-day grace period it has to force an agreement – against the clock – within that period.

Argentinean stocks fell to 10% on Wall Street, and the country risk rose 66 points

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The S&P Merval stock index rose 3.1% to 28,880.64 units, after rising 5.7% last week. If we measure the performance of the leading panel in dollars, it showed a drop of 4.5%. Country risk, as calculated by JP Morgan Bank, rose 1.7% to 3,864 units. Argentine paper losses led by Corporación América, which plunged 9.7%. Central Puerto shares (-8.1%) and Edenor (-7%) joined the podium of significant losses. Further behind were the assets of Despegar (-6.8%); those of Irsa Propiedades Comerciales (-6.1%); and those of YPF (-4.8%).