President Javier Milei announced that Argentina is close to reaching an agreement with the International Monetary Fund, which has led to an increase in the stock prices of Argentine companies listed on Wall Street (ADRs) and in dollar-denominated bonds. During the Carnival holiday, the markets reflect an optimistic sentiment from investors.
Sovereign bonds have experienced an increase of up to 1.6%, with the Global 2041, Global 2035, Global 2041, and Global 2030 standing out. However, the country risk remains above 700 basis points.
Shares of Argentine companies operating in New York have risen by up to 8%, with notable performances from companies such as Transportadora Gas del Sur, Grupo Supervielle, BBVA, and Banco Macro. Meanwhile, the Buenos Aires Stock Exchange has not operated due to the Carnival holiday and will not operate on Tuesday either.
President Milei has announced that he will present the agreement project with the IMF to Congress for approval, although the amount of the new loan has not been confirmed. There is confidence in the market that this agreement could reduce uncertainty in the exchange rate outlook, especially in light of the negative reserves at the Central Bank.
