The Minister of Economy, Sergio Massa, ordered the National Securities Commission (CNV), the market regulator, to investigate whether the announcement of the repurchase of more than 1,000 million dollars in sovereign debt was leaked before being made official. and allowed, as the opposition points out, investors to benefit from operating with privileged information.
Massa instructed Sebastian Negri, head of the CNV, to initiate investigations to determine the possible leak, the existence of speculative maneuvers with sovereign bonds and the identification of possible beneficiaries. In addition, he invited the opposition to follow the file since it was the legislators of Together for Change who requested reports regarding the possible benefit of investors.
Within the order, Massa asks the CNV to also appear in a case that began in the Federal Court No. 6 of the Autonomous City and that bears the title “SAMCHEZ KLABERMATTEN ALEJANDRO s/ Investigation of crime” that investigates these alleged speculative maneuvers.
“This intervention will provide clarity to the question raised, since the government’s decision in the repurchase was to protect those who speculatively sought to devalue our national currency and the value of our sovereign debt,” says the letter sent by the Ministry. of Economy.
Last Wednesday, an hour before the opening of the local market, Massa announced through a recorded message, which according to the opposition had been made the day before, that the Central Bank would repurchase more than USD 1,000 million in sovereign bonds in dollars, for account and order of the National Treasury. In the announcement, as explained by the national official, it was to “lower the country risk” and “improve the debt profile with the aim of facilitating access to financing for local private companies and the National State.”
Therefore, a few minutes after the announcement, the Global 29 and 30 bonds rose 11% in dollars. The titles cut part of those gains before the closing of that same round, to later alternate rises and falls in the following rounds. In this way, the operator who had been aware of the announcement before it came to fruition could have made significant profits.
