Categor�a: Espa�ol / 13 de febrero de 2015
Monytor Semanal N� 128: Expectativas por nuevas decisiones en NY tras fallo en Londres
Como anticipamos, la justicia del Reino Unido fall� a favor de bonistas con ley inglesa que buscan destrabar pagos retenidos por el BoNY. La noticia acelera el rally y consolida nuestra visi�n de que el riesgo financiero asociado al stock de reservas ha virtualmente desaparecido.
A la entrada de divisas por pr�stamos bilaterales y multilaterales, el fallo en Londres suma reforzando un proceso de compresi�n de spreads que esperamos contin�e a lo largo del a�o, alimentando expectativas de nuevas emisiones.

Categor�a: English / 13 de febrero de 2015
Weekly Monytor N� 128: Expectations for new decisions in NY after London ruling
As anticipated, English justice ruled in favor of euro bondholders that claim to unlock payments retained by the BoNY. The news intensifies the sovereign bond rally and strengthens our view that the financial risk associated with the stock of reserves has virtually disappeared.
London ruling adds to FX entry through bilateral and multilateral loans, reinforcing a spread compression process that we expect to continue throughout the year, fueling expectations of further emissions.
BCRA changes conditions for USD LEBACs seeking to benefit Banks and investors. Banks which are able to attract new dollar term deposits will be �rewarded�. In the secondary market, Lebacs anticipate future descreases in interest rates.
Construction sector and real estate market remain stagnant. Tourism ends a year of contraction.