The stock of debt indexed to the dollar already amounts to u$s557 million so far this year, of which $472 million were closed in the last 40 days. This reflects the interest of issuers and investors. At the moment, there is idle liquidity and particularly voracious appetite of investors, but the problem is that when it devalues, that indexed debt is not going to be worth what it is now. It starts to be worthless because the exchange rate adjustment is over, the price goes up because of the devaluation and the next day the holders go out and sell it. This ends up complicating the BCRA, which today would already have sold positions for more than $4 billion.
Arcor will go out today to the capital market to seek funding through the issuance of negotiable bonds indexed to the official dollar, for which it expects to get at least 500 million pesos ($7.09 mn). They will earn interest equivalent to the Badlar rate for private banks, currently at 29.63% per year, plus a cut margin to be established on the day of the auction and will have a term of 15 months.
The stock of total gross external debt with debt securities at nominal residual value as of March 31, 2020, was estimated at $274.247 billion, according to the INDEC. It is a decrease of $4.24 billion from the previous quarter. 94% of the external debt at nominal value is in foreign currency, 59% is in dollars. The current account registered a deficit of $444 million.
The wage index increased by 0.2% in April, it includes a decline of 0.2% in the income of private workers, a rise of 0.7% of unregistered employees, and an increase of 0.6% in salaries of public employees. The wage index in April was below inflation, which was 1.5%. If real wages do not recover after the isolation measures, 2020 will become the third consecutive year of loss of purchasing power. In 2018, wages fell by 6.3% and in 2019, by 9.5%.
Sixty-one thousand companies are on the verge of closing down, and some 260,000 workers are on the brink of being fired. The most vulnerable segment is that of micro-enterprises, where 12% are on the verge of bankruptcy. Companies linked to commerce are the most affected with a 10% chance of closure, followed by service companies (9%), manufacturing industry (7%), construction (7%) and those related to the countryside and mining (4%).