According to a report by Delphos, this is a good time to invest in fixed-rate bonds in pesos. These bonds not only offer an attractive rate but are also considered a profitable investment. Delphos points out that the market is not correctly factoring in the future rate reductions expected. Additionally, they mention that the breakeven inflation for 2026 is around 15%.
Although the yield curve shows a flat slope, experts suggest that investors betting on fixed-rate bonds could achieve good medium-term returns. Analysts believe there is still room for further compression of inflation, which could increase the profitability of these bonds.
Another factor influencing the bond market is the management of fiscal resources. The government's economic team assures that the Treasury deposits in the BCRA are not the only funds available to meet bond maturities in future auctions. They have also deposited money in commercial banks, giving them a greater margin to handle debt payments.
Despite the recent volatility in the Argentine market due to international and local factors, investors continue to see value in sovereign debt. Fixed-rate pesos and CER bonds are presented as an attractive option in a context where inflation is easing and the BCRA continues to lower interest rates.
The Delphos report highlights the outlook that in the near future, interest rates will remain stable. Although the market could anticipate some volatility after the elections, Delphos considers that the low monthly inflation and the BCRA's rate reduction policy may not be fully reflected in the curve.
In summary, according to Delphos Investment, investing in fixed-rate bonds in pesos could be an attractive option in the current economic scenario.
