Colocación de bonos: Una de cal y una de arena

Finalmente pudo hacerse la colocación del BONAR 24, que se intentó a fines del año pasado, comenta un informe de la consultora Quantum. Se nota que técnicamente fue mejor preparado que en aquella oportunidad, en particular porque se hicieron tanteos y aproximaciones previas al anuncio y se evitó salir con […]

Finalmente pudo hacerse la colocación del BONAR 24, que se intentó a fines del año pasado, comenta un informe de la consultora Quantum. Se nota que técnicamente fue mejor preparado que en aquella oportunidad, en particular porque se hicieron tanteos y aproximaciones previas al anuncio y se evitó salir con un precio fijo.

Para atraer inversores sin bancos participantes, la concesión por colocación fue de casi 3%, un costo superior al de una colocación tradicional contemplando agentes.

En términos generales, puede leerse como una buena noticia, porque ayuda a mitigar el efecto negativo de la restricción externa y en segundo lugar muestra el apetito que de alguna manera existe en el exterior por papeles argentinos, más allá de riesgos de corto plazo.

Todo dólar que pueda conseguirse es bueno cuando el déficit de divisas es de la magnitud actual. Pero el monto finalmente colocado representa apenas 3 meses de ventas de dólar ahorro (sin ajustes en paritarias) o el 10% de los atrasos comerciales por importaciones y las utilidades y dividendos retenidos.

En relación al segundo punto, más allá del default parcial, los inversores siguen ponderando los buenos rendimientos de la deuda argentina de mediano y largo plazo (9% anual en dólares), difícil de encontrar en el mundo en el contexto de tasas internacionales bajas.

Por otro lado, la reacción de los holdout fue instantánea, así como el llamado del juez Griesa a una audiencia para evaluar las implicancias de la operación de colocación en el marco del juicio. En la transcripción de la audiencia quedó clara la actitud del juez, que pone el foco en el desacato en el que está el Estado argentino con el incumplimiento de la sentencia y en el abuso en el que podrían incurrir quienes asistan en la estrategia a Argentina. Sin embargo, según los abogados del Deustche Bank, éste no estaría obligado a dar información de sus clientes de operaciones efectuadas fuera de New York.

Los demandantes tratan de ampliar la ejecución de medidas a los inversores de New York (¿y Londres?) que hayan participado de la colocación referida o en futuras que se pretendan hacer. En un contexto de incipiente escalada de las partes, se vuelven a reabrir las preocupaciones sobre las implicancias de custodias en el exterior y otras cuestiones que pueden obstaculizar futuras colocaciones argentinas.

Como señal adicional, es destacable la reciente colocación de YPF por USD 1.500 millones (y las ofertas recibidas que fueron casi 7 veces el monto colocado), mostrando el apetito internacional por activos financieros argentinos, más allá de movimientos particulares de corto plazo.

220 thoughts on “Colocación de bonos: Una de cal y una de arena

  1. As a class, although PDE5 inhibitors derriere range level best ascertained plasma concentrations (Cmax) in as trivial as 30 minutes, the medial times to utmost density (Tmax) are 60 proceedings for Viagra and vardenafil and 2 hours for tadalafil.
    For avanafil, a medial Tmax of 30 to 45 transactions is reported, perchance
    translating to a quicker onset of action; however,
    the genuine clinical import has not been driven. https://www.lm360.us/

  2. Hi would you mind sharing which blog platform you’re using? I’m looking to start my own blog soon but I’m having a tough time choosing between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I’m looking for something unique. P.S Sorry for getting off-topic but I had to ask!

  3. Can I just say what a relief to find someone who actually knows what theyre talking about on the internet. You definitely know how to bring an issue to light and make it important. More people need to read this and understand this side of the story. I cant believe youre not more popular because you definitely have the gift.

  4. I was very pleased to find this web-site.I wanted to thanks for your time for this wonderful read!! I definitely enjoying every little bit of it and I have you bookmarked to check out new stuff you blog post.

  5. You can definitely see your expertise in the paintings you write. The world hopes for more passionate writers such as you who are not afraid to say how they believe. All the time go after your heart. “Billy Almon has all of his inlaw and outlaws here this afternoon.” by Jerry Coleman.

  6. You can certainly see your skills within the paintings you write. The world hopes for even more passionate writers like you who are not afraid to mention how they believe. Always go after your heart. “No man should marry until he has studied anatomy and dissected at least one woman.” by Honore’ de Balzac.

  7. I found your blog web site on google and check a couple of of your early posts. Continue to maintain up the excellent operate. I just further up your RSS feed to my MSN News Reader. Seeking forward to reading more from you in a while!…

  8. I know this if off topic but I’m looking into starting my own weblog and was wondering what all is needed to get setup? I’m assuming having a blog like yours would cost a pretty penny? I’m not very internet smart so I’m not 100 positive. Any suggestions or advice would be greatly appreciated. Kudos

  9. Those are yours alright! . We at least need to get these people stealing images to start blogging! They probably just did a image search and grabbed them. They look good though!

  10. Can I just say what a relief to seek out someone who actually is aware of what theyre speaking about on the internet. You definitely know how one can convey a problem to gentle and make it important. Extra individuals must learn this and perceive this aspect of the story. I cant imagine youre no more in style because you undoubtedly have the gift.

  11. I would like to show appreciation to you just for bailing me out of such a difficulty. After scouting throughout the the net and seeing techniques which were not pleasant, I assumed my entire life was over. Living without the presence of answers to the problems you have solved all through the report is a critical case, and ones that would have negatively damaged my career if I had not noticed your blog. Your main skills and kindness in playing with a lot of stuff was vital. I don’t know what I would have done if I had not discovered such a step like this. I can also at this time relish my future. Thanks for your time very much for this reliable and sensible guide. I will not hesitate to refer your blog to anyone who should have guidance on this problem.

  12. It is in reality a nice and useful piece of information. I am glad that you just shared this helpful information with us. Please stay us up to date like this. Thank you for sharing.

  13. Thank you for the sensible critique. Me and my neighbor were just preparing to do some research about this. We got a grab a book from our local library but I think I learned more from this post. I am very glad to see such wonderful info being shared freely out there.

  14. Nice read, I just passed this onto a friend who was doing a little research on that. And he just bought me lunch as I found it for him smile So let me rephrase that: Thank you for lunch! “Procrastination is the thief of time.” by Edward Young.

  15. Youre so cool! I dont suppose Ive read anything like this before. So nice to find anyone with some original ideas on this subject. realy thanks for starting this up. this website is something that is wanted on the net, someone with a little bit originality. helpful job for bringing something new to the web!

  16. Excellent blog right here! Also your web site quite a bit up very fast! What web host are you using? Can I get your associate link to your host? I wish my web site loaded up as fast as yours lol

  17. What’s Happening i’m new to this, I stumbled upon this I’ve found It absolutely useful and it has helped me out loads. I hope to contribute & aid other users like its aided me. Great job.

  18. Woah! I’m really digging the template/theme of this site. It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between superb usability and visual appearance. I must say you’ve done a amazing job with this. Additionally, the blog loads extremely fast for me on Internet explorer. Exceptional Blog!

  19. There are some interesting closing dates in this article but I don’t know if I see all of them center to heart. There may be some validity however I’ll take maintain opinion till I look into it further. Good article , thanks and we want extra! Added to FeedBurner as nicely

  20. Hmm it looks like your website ate my first comment (it was extremely long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to the whole thing. Do you have any suggestions for rookie blog writers? I’d really appreciate it.

  21. There are some attention-grabbing cut-off dates on this article however I don’t know if I see all of them heart to heart. There may be some validity however I will take hold opinion until I look into it further. Good article , thanks and we want extra! Added to FeedBurner as effectively

  22. I’m impressed, I have to say. Actually not often do I encounter a weblog that’s each educative and entertaining, and let me tell you, you’ve hit the nail on the head. Your concept is outstanding; the issue is something that not enough persons are speaking intelligently about. I’m very happy that I stumbled throughout this in my search for something relating to this.

  23. Whats up very cool site!! Guy .. Beautiful .. Wonderful .. I will bookmark your site and take the feeds additionally?KI am happy to find so many helpful info right here within the post, we want develop more strategies in this regard, thank you for sharing. . . . . .

  24. Does your website have a contact page? I’m having a tough time locating it but, I’d like to send you an email. I’ve got some ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it improve over time.

  25. I’ve recently started a web site, the information you offer on this web site has helped me tremendously. Thanks for all of your time & work. “If you see a snake, just kill it. Don’t appoint a committee on snakes.” by H. Ross Perot.

  26. Hi, i think that i noticed you visited my web site thus i came to “return the prefer”.I am attempting to to find issues to enhance my website!I suppose its ok to make use of a few of your ideas!!

  27. When I originally commented I clicked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three emails with the same comment. Is there any way you can remove people from that service? Thank you!

  28. Just want to say your article is as astonishing. The clarity for your submit is just nice and i can assume you’re an expert on this subject. Fine along with your permission allow me to clutch your feed to keep updated with approaching post. Thank you one million and please continue the gratifying work.

  29. Have you ever thought about adding a little bit more than just your articles? I mean, what you say is important and everything. Nevertheless think of if you added some great visuals or videos to give your posts more, “pop”! Your content is excellent but with pics and video clips, this website could undeniably be one of the most beneficial in its field. Amazing blog!

  30. Oh my goodness! a tremendous article dude. Thank you Nevertheless I’m experiencing difficulty with ur rss . Don’t know why Unable to subscribe to it. Is there anybody getting an identical rss downside? Anybody who is aware of kindly respond. Thnkx

  31. Heya i’m for the primary time here. I found this board and I find It truly helpful & it helped me out a lot. I hope to present one thing again and aid others such as you aided me.

  32. What i don’t realize is if truth be told how you’re not actually much more well-liked than you may be now. You are very intelligent. You understand thus significantly on the subject of this matter, made me personally imagine it from a lot of varied angles. Its like men and women are not interested except it is one thing to accomplish with Girl gaga! Your own stuffs excellent. At all times maintain it up!

  33. Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I’d prefer to use some with the content on my blog whether you don’t mind. Natually I’ll give you a link on your web blog. Thanks for sharing.

  34. I have recently started a web site, the info you offer on this website has helped me greatly. Thanks for all of your time & work. “Show me the man who keeps his house in hand, He’s fit for public authority.” by Sophocles.

  35. Excellent beat ! I wish to apprentice while you amend your site, how can i subscribe for a blog site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast offered bright clear concept

  36. Thanx for the effort, keep up the good work Great work, I am going to start a small Blog Engine course work using your site I hope you enjoy blogging with the popular BlogEngine.net.Thethoughts you express are really awesome. Hope you will right some more posts.

  37. I just could not depart your website prior to suggesting that I actually enjoyed the standard info a person provide for your visitors? Is gonna be back often to check up on new posts

  38. Hi, just required you to know I he added your site to my Google bookmarks due to your layout. But seriously, I believe your internet site has 1 in the freshest theme I??ve came across. It extremely helps make reading your blog significantly easier.

  39. Hey there, I think your blog might be having browser compatibility issues. When I look at your blog site in Chrome, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other then that, terrific blog!

  40. Aw, this was a very nice post. In concept I wish to put in writing like this additionally – taking time and precise effort to make a very good article… however what can I say… I procrastinate alot and under no circumstances appear to get something done.

  41. There are some fascinating cut-off dates on this article but I don’t know if I see all of them middle to heart. There may be some validity however I will take maintain opinion till I look into it further. Good article , thanks and we would like extra! Added to FeedBurner as nicely

  42. Hi! Do you know if they make any plugins to assist with Search Engine Optimization? I’m trying to get my blog to rank for some targeted keywords but I’m not seeing very good results. If you know of any please share. Cheers!

  43. Hi! I’m at work browsing your blog from my new iphone! Just wanted to say I love reading through your blog and look forward to all your posts! Carry on the outstanding work!

  44. Hey! I just wanted to ask if you ever have any issues with hackers? My last blog (wordpress) was hacked and I ended up losing months of hard work due to no backup. Do you have any solutions to stop hackers?

  45. I will right away grasp your rss as I can’t to find your e-mail subscription link or newsletter service. Do you have any? Please let me realize so that I may just subscribe. Thanks.

  46. The subsequent time I learn a blog, I hope that it doesnt disappoint me as a lot as this one. I mean, I do know it was my choice to learn, however I truly thought youd have something interesting to say. All I hear is a bunch of whining about one thing that you may repair in case you werent too busy on the lookout for attention.

  47. Mansion Dewa merupakan organisasi pemilik situs judi online Kakak Bola yang adalah agen sbobet88 terpercaya di Asia. Perusahaan Mansion Dewa ini sudah sangat terkenal sejak dahulu merupakan penyedia judi live casino dan judi bola online terbaik. Untuk saat ini Kakak Bola merupakan situs alternatif utama yang dibuat dari pemilik perusahaan untuk menyediakan pasar taruhan online sbobet bola, casino dan slot. Pembuatan situs ini didasari dari banyaknya aktifitas judi yang terjadi di Indonesia namun tidak memiliki sarana yang terpercaya.

  48. Bandarsport adalah situs judi online milik Bola88 yang sudah terpercaya dalam melayani aktifitas perjudian di Asia. Memiliki minimal deposit dan withdraw yang murah yaitu Rp 50.000, Bandarsport telah menjadi salah satu situs judi terpercaya di Indonesia yang berdiri pada tahun 2014 dengan berpusat di Malaysia.

  49. SBOID merupakan agen sbo bola dan live casino online yang berkecimpung dan beroperasi di Asia khususnya Indonesia. Sebagai link sbobetmobile resmi di Indonesia, kami sudah memiliki lisensi langsung dari sbobet online pusat. Dengan begitu anda akan menjadi sangat mudah untuk bisa mengakses link alternatif sbobet terbaru.

  50. EMP4D juga menyediakan data keluaran togel singapore, togel hongkong dan togel sidney secara lengkap dan selalu update setiap waktu selama 24jam nonstop. Apabila anda ingin mengetahui informasi keluaran togel singapore atau togel hongkong atau togel sidney

  51. Together with every thing that seems to be building throughout this particular subject matter, all your points of view are somewhat refreshing. Even so, I beg your pardon, but I do not subscribe to your entire theory, all be it exciting none the less. It would seem to everybody that your commentary are not totally validated and in actuality you are generally yourself not really totally confident of your point. In any case I did enjoy looking at it.

  52. Nice post. I learn something more challenging on different blogs everyday. It will always be stimulating to read content from other writers and practice a little something from their store. I’d prefer to use some with the content on my blog whether you don’t mind. Natually I’ll give you a link on your web blog. Thanks for sharing.

  53. I do agree with all of the ideas you have presented in your post. They’re very convincing and will definitely work. Still, the posts are very short for starters. Could you please extend them a little from next time? Thanks for the post.

  54. What’s Happening i’m new to this, I stumbled upon this I’ve found It positively helpful and it has aided me out loads. I hope to contribute & assist other users like its helped me. Great job.

  55. Mansion Dewa merupakan organisasi pemilik situs judi online Kakak Bola yang adalah agen sbobet88 terpercaya di Asia. Perusahaan Mansion Dewa ini sudah sangat terkenal sejak dahulu merupakan penyedia judi live casino dan judi bola online terbaik. Untuk saat ini Kakak Bola merupakan situs alternatif utama yang dibuat dari pemilik perusahaan untuk menyediakan pasar taruhan online sbobet bola, casino dan slot. Pembuatan situs ini didasari dari banyaknya aktifitas judi yang terjadi di Indonesia namun tidak memiliki sarana yang terpercaya.

  56. PokerGG ini menyediakan beberapa jenis permainan kartu yang sudah sangat dimengerti oleh seluruh dunia. Seperti halnya permainan kartu Poker88, Ceme, Capsa Susun, dan juga Domino QQ.

  57. SBOID merupakan agen sbo bola dan live casino online yang berkecimpung dan beroperasi di Asia khususnya Indonesia. Sebagai link sbobetmobile resmi di Indonesia, kami sudah memiliki lisensi langsung dari sbobet online pusat. Dengan begitu anda akan menjadi sangat mudah untuk bisa mengakses link alternatif sbobet terbaru.

  58. EMP4D juga menyediakan data keluaran togel singapore, togel hongkong dan togel sidney secara lengkap dan selalu update setiap waktu selama 24jam nonstop. Apabila anda ingin mengetahui informasi keluaran togel singapore atau togel hongkong atau togel sidney

  59. Almost all of the things you articulate happens to be astonishingly appropriate and it makes me ponder the reason why I had not looked at this with this light previously. Your article really did switch the light on for me as far as this subject matter goes. Nevertheless there is actually one point I am not necessarily too comfortable with so whilst I make an effort to reconcile that with the main theme of your position, permit me see exactly what all the rest of the readers have to point out.Nicely done.

  60. You really make it seem so easy with your presentation but I find this topic to be really something that I think I would never understand. It seems too complex and very broad for me. I am looking forward for your next post, I will try to get the hang of it!

  61. A large percentage of of whatever you state happens to be supprisingly accurate and it makes me wonder why I hadn’t looked at this in this light previously. Your piece truly did turn the light on for me personally as far as this specific subject matter goes. Nonetheless there is actually one position I am not necessarily too cozy with and while I attempt to reconcile that with the actual main idea of the issue, permit me observe exactly what all the rest of the visitors have to say.Well done.

  62. hey there and thank you for your info – I have definitely picked up something new from right here. I did however expertise some technical points using this web site, since I experienced to reload the site lots of times previous to I could get it to load properly. I had been wondering if your hosting is OK? Not that I am complaining, but slow loading instances times will very frequently affect your placement in google and can damage your high quality score if ads and marketing with Adwords. Well I’m adding this RSS to my email and could look out for much more of your respective intriguing content. Make sure you update this again soon..

  63. Mansion Dewa merupakan organisasi pemilik situs judi online Kakak Bola yang adalah agen sbobet88 terpercaya di Asia. Perusahaan Mansion Dewa ini sudah sangat terkenal sejak dahulu merupakan penyedia judi live casino dan judi bola online terbaik. Untuk saat ini Kakak Bola merupakan situs alternatif utama yang dibuat dari pemilik perusahaan untuk menyediakan pasar taruhan online sbobet bola, casino dan slot. Pembuatan situs ini didasari dari banyaknya aktifitas judi yang terjadi di Indonesia namun tidak memiliki sarana yang terpercaya.

  64. PokerGG ini menyediakan beberapa jenis permainan kartu yang sudah sangat dimengerti oleh seluruh dunia. Seperti halnya permainan kartu Poker88, Ceme, Capsa Susun, dan juga Domino QQ.

  65. EMP4D juga menyediakan data keluaran togel singapore, togel hongkong dan togel sidney secara lengkap dan selalu update setiap waktu selama 24jam nonstop. Apabila anda ingin mengetahui informasi keluaran togel singapore atau togel hongkong atau togel sidney

  66. I have been absent for some time, but now I remember why I used to love this web site. Thank you, I?¦ll try and check back more frequently. How frequently you update your website?

  67. Have you ever thought about adding a little bit more than just your articles? I mean, what you say is valuable and everything. However imagine if you added some great photos or videos to give your posts more, “pop”! Your content is excellent but with pics and videos, this site could definitely be one of the very best in its niche. Good blog!

  68. I would like to thnkx for the efforts you have put in writing this blog. I am hoping the same high-grade blog post from you in the upcoming as well. In fact your creative writing abilities has inspired me to get my own blog now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.

  69. It is the best time to make some plans for the future and it’s time to be happy. I’ve read this post and if I could I desire to suggest you some interesting things or tips. Perhaps you could write next articles referring to this article. I desire to read more things about it!

  70. Thanks for sharing superb informations. Your website is so cool. I am impressed by the details that you?¦ve on this web site. It reveals how nicely you perceive this subject. Bookmarked this web page, will come back for more articles. You, my pal, ROCK! I found just the information I already searched all over the place and just could not come across. What an ideal web-site.

  71. I just like the helpful info you supply to your articles. I will bookmark your blog and test once more right here frequently. I am moderately certain I’ll be told many new stuff proper here! Good luck for the following!

  72. Hi there, simply was aware of your weblog thru Google, and found that it is truly informative. I’m gonna watch out for brussels. I’ll be grateful should you continue this in future. Many other people will probably be benefited from your writing. Cheers!

  73. Good ?V I should definitely pronounce, impressed with your web site. I had no trouble navigating through all tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or something, website theme . a tones way for your customer to communicate. Excellent task..

  74. SBOID merupakan agen sbo bola dan live casino online yang berkecimpung dan beroperasi di Asia khususnya Indonesia. Sebagai link sbobetmobile resmi di Indonesia, kami sudah memiliki lisensi langsung dari sbobet online pusat. Dengan begitu anda akan menjadi sangat mudah untuk bisa mengakses link alternatif sbobet terbaru.

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

Siguiente nota

¿Se viene un "veranito" cambiario y de consumo?

Vie Abr 24 , 2015
En medio de una acuciante escasez de divisas y persistente deterioro de las finanzas públicas, las colocaciones de deuda en dólares tanto del gobierno nacional como de YPF, trajeron algo de aire fresco en los frentes externo y fiscal, según un informe del Banco Ciudad. Aprovechando un contexto externo favorable […]

Colocación de bonos: Una de cal y una de arena

tiempo de lectura: 2 min