Argentine bonds make more gains, stocks slip

viernes 12 de junio de 2009 18:32 ART

BUENOS AIRES, June 12 (Reuters) - Argentina's stock, bond and currency market trends on Friday.

* Prices for government bonds traded over-the-counter in Buenos Aires gained 3.3 percent on average, rising for a fourth consecutive day as investor appetite for risk increased.

* The 2014 Boden bonds denominated in dollars ARBODEN14D=RASL jumped 4.7 percent to an ask price of 15.60.

* Argentina's debt spreads narrowed 100 basis points to 954 basis points over comparable U.S. Treasuries, according to JPMorgan's EMBI+ 11EMJ, reaching their lowest value since October 2008. They hit a historic low of 180 basis points in early 2007.

* Investors were eager to find out the results of an auction to receive an early payment on the August coupon of dollar-denominated Boden 2012 bonds ARBODEN12D=RASL. Participants had until Friday at 1700 GMT to specify the discount they would be willing to accept in the deal.

* The Boden 2012 auction was aimed at showing the government's ability and willingness to pay its debt.

* The MerVal stocks index .MERV dipped 0.89 percent to 1,654.56 points as investors took profits after three straight sessions of gains and as crude oil prices fell.

* The index is up 53 percent since the start of the year.

* Shares in Tenaris (TENA.BA: Cotización), which makes steel pipes for the energy industry and is weighted as almost half of the MerVal, shed 1.8 percent to 60.00 pesos per share.   Continuación...