Dollar Bonds Fall and Country Risk Exceeds 600 Basis Points

Dollar bonds are falling again on Wall Street, deepening the negative streak, while country risk is above 600 basis points. There are local doubts about financing and the accumulation of reserves in an adverse international context of high rates and global volatility. The Treasury will hold its first debt auction in pesos of the month, facing maturities of around 8.1 trillion pesos. No papers will be offered with maturities in the next term, and the menu will include short Lecap S13N6, Lecer X29E7, two Bontam (TMF27 and TML27), and four dollar-linked (D30O6, D30N6, D31M7, and TZV27). The Central Bank reported that the current account had a surplus of 806 million dollars in August, the fifth consecutive monthly surplus, increasing from the surplus of July of 413 million dollars. Net dollar purchases were 2.463 billion dollars, compared to 2.916 billion dollars from the previous month, while outflows for dividends and profits reached 469 million dollars.