Dollar bonds sink up to 10% and country risk shoots up more than 8%

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In 2020, between principal and interest, bonds in pesos maturing for approximately 900,000 million, and another 650,000 million from 2021 onwards

Public securities in dollars, under Argentine law, fall back on the first day of the obligation to the FCI to invest at least 75% of their assets in pesos. The index measured by JP Morgan exceeds 4,300 units.

The bonds in dollars quoted in pesos – which were being used by investors to buy dollars via Cash with liquidation or MEP – registered strong losses this Wednesday after the National Securities Commission (CNV) forced the Common Investment Funds (FCI ) in pesos to invest at least 75% of its equity in financial instruments in local currency.

The Bonar 2024 yields 6.3%, the Bonar 2020 loses 10.1% and the Discount under Argentine law falls 7.3%; while New York law bonds drop as much as 1.4% and peso bonds operate mixed.

Simultaneously, the country risk measured by the JP Morgan bank, shoots up 8.3% to 4,320 units, compared to the 1,770 points recorded at the end of 2019.

For its part, the bonds in pesos came in frank comeback after the government of Alberto Fernández decided in early April that it would pay in due time and form all the maturities of debt issued in local currency.

In 2020, between principal and interest, bonds in pesos maturing for approximately 900,000 million, and another 650,000 million from 2021 onwards.

These are issues adjusted mainly by Badlar rate (the one that banks pay to large depositors) or CER (Reference Stabilization Coefficient, which follows inflation).

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