GDP coupon surges 2.3%

US Treasury 10-year bond rate slid to 5.08 per cent, keeping optimism in markets. Bonds and coupons of Argentine debt received those news with hikes. This is the third consecutive session of price rally.

Trading amount between the Electronic Over-the-Counter Market (MAE, in its Spanish acronym) and Buenos Aires Stock Exchange was enormous: ARG$2.7 billions, since foreign dollars came up to buy Argentine bonds. Peso-denominated Discount (main debt swap paper) climbed 0.70 per cent, while GDP coupons in pesos leaped 2.30 per cent. Version in dollars of those derivatives mounted 1 per cent. These coupons are again close to record prices, as opposed to bonds in domestic currency, which, despite rises posted during the last days, continue quite below their highest levels, affected by cost-of-living measurements of Argentine Statistics and Census Institute (INDEC, in its Spanish acronym).

Post-default bonds rose in a more moderate manner, around 0.50 per cent. These papers had fallen less than swap's, reason why hike was modest.

Papers in dollars were the ones benefiting the most from this bond rebound. BONAR X and BONAR V leaped 1.50 per cent with more transactions than usual. The thing is that their rate ended really high and investors take advantage of the situation to come in, since they see that US papers are heading for low yield in the following days.

It's worth mentioning that US Treasury bond rate settles at 5.08 per cent, but it touched 5.30 per cent last week, the highest value of the last five years. The more US bond rate lowers, the higher the attraction for high-yield emerging papers is.

For that reason, emerging countries' bonds rose for the fifth consecutive session (0.38 per cent on average). Average country-risk in JP Morgan's EMBI+ hits 152 points.

Brazil's Global 2040 (emerging market's benchmark bond, given its high liquidity) soared 0.31 per cent. During the last five sessions, emerging bonds have mounted 1.70 per cent on average.

On top of all that, dollar continued with a falling trend. In MAE-Forex (wholesale market where banks trade), the American currency closed at ARG$3.074, ending with a selling trend for today. In exchange agencies, it continued at ARG$3.10 for sale.

Argentine Central Bank (BCRA, in its Spanish acronym) intervened strongly to prevent dollar from further sliding. The monetary authority bought more than $100 millions, raising reserves to $42.22 billions.

Today, sale orders double purchase ones. Offered price settles at ARG$3.073, though sellers ask ARG$3.075.