Another blow to Argentine bonds

Portada en Ingles

Hard blows rained on Argentine bonds on Thursday, which will start reflecting today: Argentine Statistics and Census Institute (INDEC, in its Spanish acronym) announced that March inflation had hit 1.1 per cent. This figure is even lower than the most conservative value going around analysts, who were expecting an "official" price rise of 1.2 per cent.

From the first hours yesterday, some specific purchases in medium and long-term bonds were observed. Some investors made placements in these instruments in view of the possibility that INDEC may hint at making the index more open.


In that way, BOCON PRE9, the bond rising the most in the year, climbed 0.52 per cent to ARG$125.20, while BOGAR 2018 earned 0.40 per cent to ARG$126. Moreover, these bonds have extra appeal: they are yielding 9 per cent plus CER on average. Pretty similar to yields of the longest bonds, though with much less volatility.

As regards the longest bonds, they continue without attracting investors. Despite Par rallied 0.13 per cent on Thursday, trading was poor. With respect to Discount, main debt swap instrument, it plummeted 0.80 per cent and closed around ARG$110.

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