This Thursday afternoon, Argentine bonds trade at an average loss of 4% abroad, a day after the government announced that it will use the 30-day grace period to avoid paying about $500 million that they overcayed yesterday, while awaiting the bondholders’ response to their debt restructuring proposal. Country Risk adds 268 points to return to 4,057 units. It occurs in a context of slight declines in the reference markets. Jp Morgan’s index, which measures the difference between the yield of Argentine bonds and similar U.S. securities, had closed at 3,429 units on the first wheels following the first presentation of Argentina’s bid for the exchange of some $68 billion of foreign law debt.
Operators had little new information to make decisions on the morning today. And the international context, without further collapses in the reference markets, was not enough to influence the trend either. On Wednesday, however, Argentina submitted to the United States Securities and Exchange Commission (SEC) the detail of its exchange offer for new foreign currency paper bonds and governed by foreign courts.
For its part, the S&P Merval stock index fell by 1.3%, to 30,152 units, as opposed to the trend of its external peers, in a square with few businesses. In this note:
