Titoli di Stato area non Euro ARGENTINA obbligazioni e tango bond (7 lettori)

m.m.f

Forumer storico
Argentina's 5-year CDS climb 77 bps as new treasury minister sworn in


LONDON, Aug 20 (Reuters) - The cost of insuring against an Argentine sovereign default climbed on Tuesday as Hernan Lacunza was sworn in as the new treasury minister of the crisis-hit country.

Argentine 5-year credit default swaps (CDS) were quoted by IHS Markit at 2,990 basis points (bps), up 77 bps from Monday’s closing level of 2,913 bps. Markit calculations, based on Monday’s closing prices, estimate a 82% probability of a sovereign default within the next five years.

Minutes after being sworn in, Lacunza said Argentina will stand by the 2019 fiscal targets it had agreed with the International Monetary Fund and work to stabilise its currency, which shed 18% of its value last week. (Reporting By Tom Arnold Editing by Tommy Wilkes)
 

m.m.f

Forumer storico
BUSINESS NEWS
AUGUST 20, 2019 / 1:55 PM / UPDATED AN HOUR AGO
Argentine peso gains after central bank sells dollar reserves

Hugh Bronstein, Jorge Otaola
5 MIN READ


BUENOS AIRES (Reuters) - Argentina’s promises to defend its beleaguered peso gained credibility on Tuesday after the central bank poured $112 million of its reserves into dollar auctions, helping to boost the local currency about 0.5% on the day after steep losses.


In three interventions in the foreign exchange market, the bank acted in concert with statements from officials saying the government’s top priority was to stabilize the peso after it lost 18% of its value against the U.S. dollar last week.

“The interventions pushed the peso through the 55-per-dollar barrier,” to 54.50 pesos to the greenback, Gustavo Quintana, foreign exchange trader with Buenos Aires brokerage PR Corredores de Cambio, told Reuters.

The recession- and inflation-racked country was hit by a wave of uncertainty following an Aug. 11 primary election in which business-friendly President Mauricio Macri got thumped by center-left Peronist challenger Alberto Fernandez, who emerged as the clear front-runner ahead of the Oct. 27 general election.

Minutes after being sworn in by Macri on Tuesday, Treasury Minister Hernan Lacunza said the government will stand by the peso and stick to its goal of erasing its primary fiscal deficit, despite a series of spending measures announced last week aimed at spurring growth.

“We want to leave a solid economic platform for whichever candidate wins” the presidential election, said Lacunza, the former economy chief for Buenos Aires province. He told a press conference that Argentina had a primary fiscal surplus in July and that he expected a surplus in August as well.

The peso ARS= earlier on Tuesday fell 1.2% to 55.68 per dollar before rallying to close at 54.74 per dollar, traders said. Local over-the-counter bonds and the Merval stock index remained in negative territory for the day as investors reacted to the downgrade late on Friday of Argentina's sovereign debt by ratings agencies Fitch and Standard & Poor's.

Monday was a holiday in Argentina, forcing investors to wait until Tuesday to react.

Nicolas Dujovne, the former treasury minister, quit on Saturday, saying he believed the country needed “significant renewal” of its economic team.

Speaking at a conference in Buenos Aires, James McCormack, Fitch’s head of sovereign ratings, said it may be necessary for Argentina to restructure its debt.

“We, like everyone else, were surprised by the outcome of the primary election,” McCormack said. “There is now an expected deterioration with macroeconomic performance.”

“Restructuring or default is possible, but we’re not saying it’s probable,” he added.


IMF WATCHING
Macri, struggling to revive his campaign for a second term, is betting that the new treasury chief can help stabilize the economy. Last week, Macri, smarting from his primary election loss, announced a cut in taxes on food and personal income along with increased welfare spending. The measures raised concern his administration will miss fiscal targets agreed with the International Monetary Fund as part of a $57 billion loan deal.

“We are closely following recent developments in Argentina and are in ongoing dialogue with the authorities as they work on their policy plans to address the difficult situation that the country is facing,” the IMF said in a statement.

“An IMF staff team will travel to Buenos Aires soon,” said the statement, which was signed by IMF spokesman Gerry Rice.

The IMF’s next review of Argentina’s economy on Sept. 15 should provide a sign of whether the lender of last resort still thinks the country can pay its debt obligations. Government bonds denominated in dollars are harder to pay when the peso weakens.

A crunch point will come in the second quarter of 2020, when Argentina is scheduled to make $20 billion in debt repayments, up sharply from $5.6 billion in the first quarter of next year.

Central bank chief Guido Sandleris told reporters on Tuesday the bank would continue to sell reserves in an effort to halt the peso’s slide.



Including last week’s interventions, the bank had auctioned off $615 million in dollar reserves as of Tuesday afternoon, traders said.

The recent currency weakness interrupted what had been a fall in the country’s inflation rate, Sandleris said. Consumer prices in Argentina rose 55% in the 12 months through July, according to official data, but monthly rates had been falling.

“The devaluation of the peso has had an effect on prices,” Sandleris said. “We are going through a complicated time.”
 

MARCO82

Forumer attivo
E questa è stata la trovata per uccidere la pari passu....

The Bonds will be direct, general, unconditional and unsubordinated obligations of the Republic for which the full faith and credit of the Republic is pledged. The Bonds rank and will rank without any preference among themselves and equally with all other unsubordinated public external indebtedness (as defined below) of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under any series of the Bonds ratably with payments being made under any other public external indebtedness of the Republic.

Tradotto, pago ciò che mi pare e faccio default su tutto il resto...
 

m.m.f

Forumer storico
E questa è stata la trovata per uccidere la pari passu....

The Bonds will be direct, general, unconditional and unsubordinated obligations of the Republic for which the full faith and credit of the Republic is pledged. The Bonds rank and will rank without any preference among themselves and equally with all other unsubordinated public external indebtedness (as defined below) of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under any series of the Bonds ratably with payments being made under any other public external indebtedness of the Republic.

Tradotto, pago ciò che mi pare e faccio default su tutto il resto...

La stampa internazionale aiuta sempre...
 

neosephiroth86

Forumer storico
Inoltre, quando nel 2001 l'Argentina si è resa inadempiente (per poi raggiungere un accordo di ristrutturazione nel 2005), lo stock del debito pubblico era pari a circa il 152% del PIL e i costi di servizio del debito assorbivano circa il 19% delle entrate riscosse dal governo (contro l'86% del debito e il 9% dei costi di servizi alla fine del 2018).


La situazione sembra molto migliore adesso..
 

waltermasoni

Caribbean Trader
Nine Argentine Provinces And The City of Buenos Aires Downgraded On Similar Action On Sovereign
  • 20-Aug-2019 14:36 EDT
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  • Table of Contents
Overview

  • On Aug. 16, 2019, we lowered our long-term foreign and local currency ratings on Argentina to 'B-' from 'B' and assigned a negative outlook.
  • The downgrade reflects the pronounced financial market turbulence, with significant depreciation of the peso and a spike in interest rates, following the August 11 primary elections in Argentina, which has meaningfully weakened the sovereign's already vulnerable financial profile. The negative outlook reflects a greater than one-in-three chance of a downgrade in 2020 amid very complex economic and financial market dynamics exacerbated by the timing of the electoral calendar.
  • We believe that despite its improvements, the very weak institutional predictability and volatile intergovernmental system of the Argentine local and regional governments (LRGs) prevents local governments from having higher ratings than on the sovereign.
  • We're lowering our ratings on the provinces of Buenos Aires, Córdoba, Entre Rios, La Rioja, Mendoza, Neuquén, Rio Negro, and Salta, and on the city of Buenos Aires to 'B-' from 'B'. We're also downgrading the province of Jujuy to 'CCC+' from 'B-'. The outlook on these entities is negative, mirroring the one on the sovereign.
 

waltermasoni

Caribbean Trader

Three Argentine Banks Downgraded To 'B-' From 'B' On Similar Action On The Sovereign; Outlook Negative

  • 20-Aug-2019 13:04 EDT
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  • Table of Contents
  • On Aug. 16, 2019, we lowered our global scale ratings on Argentina to 'B-' from 'B', reflecting further weakening of the sovereign's already vulnerable financial profile as a result of the pronounced financial market turbulence following last Sunday's primary elections. The sharp depreciation of the currency and spike in interest rates make economic scenario more complex with a deeper, prolonged recession, even higher inflation and more stressed debt and financing dynamics.
  • We're downgrading three banks to 'B-' from 'B' and assigned a negative outlook. We're also affirming our 'B-' ratings on another bank and revised the outlook on it to negative from stable.
  • We're keeping our Banking Industry Country Risk Assessment (BICRA) on Argentina at group '8' and the anchor (average risk) for banks operating in the country at 'b+'. However, we're revising the economic risk trend to negative, incorporating potential impact of the worsening economic conditions.

BUENOS AIRES (S&P Global Ratings) Aug. 20, 2019--S&P Global Ratings lowered its long-term issuer credit ratings on Banco De Galicia Y Buenos Aires S.A.U. (Banco Galicia), Banco Patagonia S.A., and Banco de la Provincia de Buenos Aires (BAPRO) to 'B-' from 'B'. At the same time, we affirmed our long-term 'B-' issuer credit and debt ratings on Banco Hipotecario S.A. We also revised the outlook on it to negative from stable. In addition, we affirmed our short-term issuer credit rating on Banco Patagonia at 'B' and our debt rating on Banco Galicia at 'CCC'. The outlook on long-term ratings on the four banks is negative, mirroring the one on the sovereign.
 

waltermasoni

Caribbean Trader

11 Argentine Corporate And Infrastructure Entities Downgraded, Three Placed On Watch Negative On Sovereign's Downgrade

  • 20-Aug-2019 14:44 EDT
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  • Table of Contents
  • On Aug. 16, 2019, we lowered our local and foreign currency ratings on Argentina to 'B-' from 'B' and assigned a negative outlook. At the same time, we revised downwards our transfer and convertibility (T&C) on the country to 'B' from 'B+'.
  • We're lowering the ratings on 11 Argentine corporate and infrastructure entities, placing three entities on CreditWatch with negative implications, and removing the ratings on one company from CreditWatch positive and assigning a negative outlook.
  • Except for the three entities on CreditWatch, the outlook on the rest is negative, mirroring that on the sovereign.

BUENOS AIRES (S&P Global Ratings) Aug. 20, 2019--S&P Global Ratings lowered its local and foreign currency ratings on the following companies and utilities to 'B-'. The outlook on these ratings is negative:

  • AES Argentina Generacion S.A;
  • Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A.;
  • Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR);
  • IRSA Propiedades Comerciales S.A.;
  • IRSA Inversiones y Representaciones S.A.;
  • Pampa Energia S.A.;
  • Petroquimica Comodoro Rivadavia S.A.;
  • YPF Energia Electrica S.A.; and
  • YPF S.A.
 

fabriziof

Forumer storico
Nine Argentine Provinces And The City of Buenos Aires Downgraded On Similar Action On Sovereign
  • 20-Aug-2019 14:36 EDT
View Analyst Contact Information
  • Table of Contents
Overview

  • On Aug. 16, 2019, we lowered our long-term foreign and local currency ratings on Argentina to 'B-' from 'B' and assigned a negative outlook.
  • The downgrade reflects the pronounced financial market turbulence, with significant depreciation of the peso and a spike in interest rates, following the August 11 primary elections in Argentina, which has meaningfully weakened the sovereign's already vulnerable financial profile. The negative outlook reflects a greater than one-in-three chance of a downgrade in 2020 amid very complex economic and financial market dynamics exacerbated by the timing of the electoral calendar.
  • We believe that despite its improvements, the very weak institutional predictability and volatile intergovernmental system of the Argentine local and regional governments (LRGs) prevents local governments from having higher ratings than on the sovereign.
  • We're lowering our ratings on the provinces of Buenos Aires, Córdoba, Entre Rios, La Rioja, Mendoza, Neuquén, Rio Negro, and Salta, and on the city of Buenos Aires to 'B-' from 'B'. We're also downgrading the province of Jujuy to 'CCC+' from 'B-'. The outlook on these entities is negative, mirroring the one on the sovereign.
E la Terra del fuoco?
 

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