{"id":12590,"date":"2026-05-07T17:53:28","date_gmt":"2026-05-07T20:53:28","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=12590"},"modified":"2026-05-07T17:53:29","modified_gmt":"2026-05-07T20:53:29","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c05%ec%9b%94-07%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=12590","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(05\uc6d4 07\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. Fitch \uc2e0\uc6a9\ub4f1\uae09 \uc0c1\ud5a5 \uc774\ud6c4 \ud604\uc9c0 \uc790\uc0b0 \uae09\ub4f1
    \uc544\ub974\ud5e8\ud2f0\ub098\uc758 \uad6d\uac00\uc2e0\uc6a9\ub4f1\uae09\uc774 B-\ub85c \uc0c1\ud5a5 \uc870\uc815\ub418\uba74\uc11c \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c \uac15\ud55c \uc0c1\uc2b9 \ub7a0\ub9ac\uac00 \ucd09\ubc1c\ub418\uc5c8\ub2e4. \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 40bp \ud558\ub77d\ud558\uba70 514bp \uc218\uc900\uae4c\uc9c0 \ub0b4\ub824\uac14\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 Fitch\uc758 \uacb0\uc815\uacfc \ud568\uaed8 \ub2e4\ub978 \uae00\ub85c\ubc8c \uc2e0\uc6a9\ud3c9\uac00\uc0ac\ub4e4\uc758 \ucd94\uac00 \uc0c1\ud5a5 \uac00\ub2a5\uc131\uc5d0\ub3c4 \uae30\ub300\ub97c \ub098\ud0c0\ub0c8\ub2e4.
    S&P \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ub2ec\ub7ec \uae30\uc900 4.2% \uc0c1\uc2b9\ud588\uace0, \ub274\uc695 \uc99d\uc2dc\uc5d0 \uc0c1\uc7a5\ub41c \uc544\ub974\ud5e8\ud2f0\ub098 \uae30\uc5c5 \uc8fc\uc2dd\ub4e4\ub3c4 \ucd5c\ub300 10% \uc0c1\uc2b9\ud588\ub2e4. \ud2b9\ud788 \uc740\ud589\uc8fc\uac00 \uc804\ubc18\uc801\uc778 \ub099\uad00\ub860 \uc18d\uc5d0\uc11c \uc0c1\uc2b9\uc138\ub97c \uc8fc\ub3c4\ud588\ub2e4. \ubc18\uba74 \uc11d\uc720 \uc8fc\uac00\ub294 \uc911\ub3d9 \uc9c0\uc5ed\uc758 \uae34\uc7a5 \uc644\ud654 \uac00\ub2a5\uc131\uc5d0 \ub530\ub978 \uad6d\uc81c\uc720\uac00 \ud558\ub77d \uc804\ub9dd \ub54c\ubb38\uc5d0 \uc57d\uc138\ub97c \ubcf4\uc600\ub2e4.
    \uad6d\ucc44 \uc5ed\uc2dc GD41 \ucc44\uad8c\uc774 2.8% \uc0c1\uc2b9\ud558\ub294 \ub4f1 \uac15\uc138 \ud750\ub984\uc744 \uc774\uc5b4\uac14\ub2e4. \uc774\ub7ec\ud55c \ud604\uc9c0 \uc2dc\uc7a5 \ubd84\uc704\uae30\ub294 \ub274\uc695 \uc99d\uc2dc\uc758 \uc0ac\uc0c1 \ucd5c\uace0\uce58 \uacbd\uc2e0\uacfc \uae00\ub85c\ubc8c \uc704\ud5d8\uc790\uc0b0 \uc120\ud638 \ud655\ub300\uc5d0 \ud798\uc785\uc5b4 \ub354\uc6b1 \uac15\ud654\ub418\uc5c8\ub2e4.<\/li>\n\n\n\n
  2. \uc678\ud654 \uacf5\uae09 \ud655\ub300 \uc18d \ub2ec\ub7ec \ud658\uc728 \uc804\ubc18\uc801 \ud558\ub77d
    \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \ud658\uc728\uc740 \ubaa8\ub4e0 \ubd80\ubb38\uc5d0\uc11c \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac14\ub2e4. \ub3c4\ub9e4\ud658\uc728\uc740 5\ud398\uc18c \ud558\ub77d\ud55c 1,388\ud398\uc18c\ub85c \ub9c8\uac10\ud558\uba70 \ucd5c\uadfc \uba70\uce60 \uc0ac\uc774 \ucd5c\uc800\uce58\ub97c \uae30\ub85d\ud588\ub2e4. \uc774\uc5d0 \ub530\ub77c \ud658\uc728 \ubc34\ub4dc \uc0c1\ub2e8\uacfc\uc758 \uaca9\ucc28\ub294 23.5%\uae4c\uc9c0 \ud655\ub300\ub418\uc5c8\ub2e4.
    \ud48d\ubd80\ud55c \ub2ec\ub7ec \uc720\uc785\uc740 \ud658\uc728 \uc548\uc815\uc744 \uc720\uc9c0\uc2dc\ud0a4\uace0 \uc788\uc73c\uba70, \uc911\uc559\uc740\ud589\uc774 \uc678\ud658\ubcf4\uc720\uace0\ub97c \ud76c\uc0dd\ud558\uc9c0 \uc54a\uace0\ub3c4 \uc2dc\uc7a5\uc744 \uc6b4\uc601\ud560 \uc218 \uc788\uac8c \ub9cc\ub4e4\uace0 \uc788\ub2e4. \uc18c\ub9e4\ud658\uc728\uc740 Banco Naci\u00f3n \uae30\uc900 1,410\ud398\uc18c\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4.
    \uae08\uc735\uc2dc\uc7a5 \ub2ec\ub7ec\uc778 MEP \ud658\uc728\uacfc CCL \ud658\uc728\uc740 \uc5ed\uc2dc \uac01\uac01 1,427.88\ud398\uc18c, 1,479.87\ud398\uc18c \uc218\uc900\uc73c\ub85c \ub0b4\ub824\uac14\ub2e4. \uc120\ubb3c\ud658 \uc2dc\uc7a5\ub3c4 \ucd5c\ub300 0.8% \ud558\ub77d\ud558\uba70 \uc5f0\ub9d0 \ud658\uc728 \uc804\ub9dd\uc744 1,614\ud398\uc18c \uc218\uc900\uc73c\ub85c \ubc18\uc601\ud588\ub2e4.
    \ud604\ubb3c\uc2dc\uc7a5 \uac70\ub798 \uaddc\ubaa8\ub294 4\uc5b5 3,600\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud558\uba70 \ub192\uc740 \uc720\ub3d9\uc131\uc744 \ub098\ud0c0\ub0c8\ub2e4.<\/li>\n\n\n\n
  3. IMF \uc0c1\ud658 \ubd88\uad6c \uc911\uc559\uc740\ud589 \ub9e4\uc218 \uc9c0\uc18d
    \uc911\uc559\uc740\ud589\uc740 \uc774\ub0a0 \uc678\ud658\uc2dc\uc7a5\uc5d0\uc11c \uc21c\ub9e4\uc218 \ud750\ub984\uc744 \uc774\uc5b4\uac00\uba70 81\uac70\ub798\uc77c \uc5f0\uc18d \uc21c\ub9e4\uc218 \uae30\ub85d\uc744 \ub2ec\uc131\ud588\ub2e4. \ub9e4\uc785 \uaddc\ubaa8\ub294 4,500\ub9cc \ub2ec\ub7ec\ub85c \ucd5c\uadfc \ud55c \ub2ec \uc0ac\uc774 \uac00\uc7a5 \uc791\uc740 \uaddc\ubaa8\uc600\uc9c0\ub9cc, 2026\ub144 \ub204\uc801 \uc21c\ub9e4\uc218\ub294 73\uc5b5 3,600\ub9cc \ub2ec\ub7ec\uc5d0 \ub3c4\ub2ec\ud588\ub2e4.
    \ub2e4\ub9cc \uc678\ud658\ubcf4\uc720\uc561\uc740 2\uc5b5 3,300\ub9cc \ub2ec\ub7ec\uac00 \uac10\uc18c\ud574 456\uc5b5 7,400\ub9cc \ub2ec\ub7ec \uc218\uc900\uc73c\ub85c \ub0b4\ub824\uac14\ub2e4. \uc774\ub294 \uad6d\uc81c\ud1b5\ud654\uae30\uae08(IMF)\uc5d0 \ub300\ud55c 8\uc5b5 \ub2ec\ub7ec \uc774\uc0c1\uc758 \uc0c1\ud658 \uc601\ud5a5 \ub54c\ubb38\uc73c\ub85c \ubd84\uc11d\ub41c\ub2e4.
    \uc774\ubc88 \uc0c1\ud658\uc740 \ubbf8\uad6d \uc7ac\ubb34\ubd80\uac00 \ubcf4\uc720\ud558\ub358 \ud2b9\ubcc4\uc778\ucd9c\uad8c(SDR)\uc744 \uc815\ubd80\uac00 \ub9e4\uc785\ud558\ub294 \ubc29\uc2dd\uc73c\ub85c \uc774\ub8e8\uc5b4\uc84c\ub2e4. \ub3d9\uc2dc\uc5d0 \uc911\uc559\uc740\ud589\uc740 \uc790\uc0b0 \uc7ac\ud3c9\uac00 \ud6a8\uacfc\ub85c \uc57d 3\uc5b5 \ub2ec\ub7ec\uc758 \ubcf4\uc644 \ud6a8\uacfc\ub97c \uc5bb\uc5c8\ub2e4.
    5\uc6d4 \uae30\uc900 \uc911\uc559\uc740\ud589\uc758 \uacf5\uc2dd \uac1c\uc785 \uc21c\uc218\uc9c0\ub294 1\uc5b5 8,500\ub9cc \ub2ec\ub7ec \ud751\uc790\ub97c \uae30\ub85d\ud588\ub2e4.<\/li>\n\n\n\n
  4. CABA, 1996\ub144 \uc774\ud6c4 \ucd5c\uc800 \uae08\ub9ac \uc790\uae08 \uc870\ub2ec \uc131\uacf5
    \ubd80\uc5d0\ub178\uc2a4\uc544\uc774\ub808\uc2a4 \uc2dc\uc815\ubd80(CABA)\ub294 \uad6d\uc81c\ucc44\uad8c\uc2dc\uc7a5\uc5d0\uc11c \uc131\uacf5\uc801\uc73c\ub85c \uc790\uae08\uc744 \uc870\ub2ec\ud588\ub2e4. \uc2dc\uc815\ubd80\ub294 500\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ud0f1\uace0\ucc44\uad8c\uc744 \ubc1c\ud589\ud588\uc73c\uba70, \uc218\uc694\ub294 \ubaa8\uc9d1\uc561\uc758 6\ubc30\ub97c \ucd08\uacfc\ud588\ub2e4.
    \ucd5c\uc885 \uae08\ub9ac\ub294 \uc5f0 7.375%\ub85c \ud655\uc815\ub418\uc5c8\ub294\ub370, \uc774\ub294 \uc2dc \uc790\uce58\uc815\ubd80 \uccb4\uc81c \uc774\ud6c4 \uac00\uc7a5 \ub0ae\uc740 \uc218\uc900\uc774\ub2e4. \ubc18\uba74 \uad6d\uac00\uc704\ud5d8\uc9c0\uc218\ub294 \uc5ec\uc804\ud788 514bp \uc218\uc900\uc774\ub2e4.
    \ubc1c\ud589\uc740 \ub274\uc695 \ubc95\ub960 \uccb4\uacc4 \ud558\uc5d0\uc11c 10\ub144 \ub9cc\uae30\ub85c \uc9c4\ud589\ub418\uc5c8\uc73c\uba70, JP Morgan\uacfc Santander\uac00 \uc8fc\uad00\uc0ac\ub97c \ub9e1\uc558\ub2e4.
    \uc2dc\uc815\ubd80\ub294 \ubd88\uacfc 5\uac1c\uc6d4 \ub9cc\uc5d0 \uae08\uc735\ube44\uc6a9 \uc808\uac10\uacfc \ub9cc\uae30 \uc5f0\uc7a5\uc5d0 \uc131\uacf5\ud588\ub2e4. \uc2dc\uc7a5\uc740 \ubd80\ucc44\uad00\ub9ac \uc804\ub7b5\uacfc \uc548\uc815\uc801\uc778 \ub9cc\uae30 \uad6c\uc870\ub97c \ub192\uac8c \ud3c9\uac00\ud588\ub2e4.
    \uc774\ub294 \ub8e8\uc774\uc2a4 \uce74\ud478\ud1a0 \uacbd\uc81c\uc7a5\uad00\uc774 \ucd94\uc9c4\ud558\ub294 \uad6d\uac00 \ucc28\uc6d0\uc758 \uad6d\uc81c\uae08\uc735\uc2dc\uc7a5 \ubcf5\uadc0 \uc804\ub7b5\uc5d0\ub3c4 \uae0d\uc815\uc801 \uc2e0\ud638\ub85c \ubc1b\uc544\ub4e4\uc5ec\uc9c0\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  5. Chevron, \uc0c8\ub85c\uc6b4 RIGI \uccb4\uc81c \uc544\ub798 \ub300\uaddc\ubaa8 \ud22c\uc790 \ucd94\uc9c4
    \ub8e8\uc774\uc2a4 \uce74\ud478\ud1a0 \uc7a5\uad00\uc740 \ubbf8\uad6d \ubc29\ubb38 \uc911 Chevron\uc758 \ud22c\uc790 \uaddc\ubaa8\uac00 100\uc5b5 \ub2ec\ub7ec\uc744 \ucd08\uacfc\ud560 \uac83\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4. \uc774\ub294 \ub300\uaddc\ubaa8 \ud22c\uc790 \uc778\uc13c\ud2f0\ube0c \uc81c\ub3c4\uc778 RIGI\uc758 \uc131\uacfc\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc0ac\ub840\ub85c \ud3c9\uac00\ub41c\ub2e4.
    \ud604\uc7ac RIGI \ud504\ub85c\uadf8\ub7a8\uc5d0\ub294 36\uac1c \uc774\uc0c1\uc758 \ud504\ub85c\uc81d\ud2b8\uac00 \ud3ec\ud568\ub418\uc5b4 \uc788\uc73c\uba70 \ucd1d \ud22c\uc790 \uaddc\ubaa8\ub294 1,000\uc5b5 \ub2ec\ub7ec\ub97c \ub118\uc5b4\uc130\ub2e4. \ud2b9\ud788 \uc5d0\ub108\uc9c0 \ubd80\ubb38\uc774 \ud0d0\uc0ac\uc640 \uc0dd\uc0b0 \ud655\ub300\ub97c \uc911\uc2ec\uc73c\ub85c \ud575\uc2ec \uc5ed\ud560\uc744 \ud558\uace0 \uc788\ub2e4.
    \uc815\ubd80\ub294 \ub3d9\uc2dc\uc5d0 \ud06c\ub9ac\uc2a4\ud2f0\ub098 \ud0a4\ub974\uce58\ub124\ub974 \uc815\ubd80 \uc2dc\uc808\uc758 929\/2013 \ubc95\ub839 \ud3d0\uc9c0\ub97c \uc704\ud55c \ubc95\uc548\uc744 \uc758\ud68c\uc5d0 \uc81c\ucd9c\ud588\ub2e4. \ud574\ub2f9 \ubc95\ub839\uc740 \ubc14\uce74\ubb34\uc5d0\ub974\ud0c0\uc758 Loma Campana \ud504\ub85c\uc81d\ud2b8\uc5d0 \ub300\ud574 Chevron\uc5d0 \ud2b9\ubcc4 \uc138\uc81c \ud61c\ud0dd\uc744 \ubd80\uc5ec\ud588\ub358 \uc81c\ub3c4\uc600\ub2e4.
    \uc815\ubd80\ub294 \uc774\uc81c \uc774\ub7ec\ud55c \ud2b9\ud61c \uccb4\uacc4\ub97c RIGI \uc544\ub798 \ud558\ub098\ub85c \ud1b5\ud569\ud574 \ud574\uc678 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \ubcf4\ub2e4 \ud604\ub300\uc801\uc774\uace0 \uc548\uc815\uc801\uc778 \uaddc\uc81c \ud658\uacbd\uc744 \uc81c\uacf5\ud558\ub824 \ud558\uace0 \uc788\ub2e4.
    \ud558\ube44\uc5d0\ub974 \ubc00\ub808\uc774 \uc815\ubd80\ub294 \uc774\ub97c \ud1b5\ud574 \uc0b0\uc5c5 \uad6c\uc870 \uc804\ud658\uacfc \uc7a5\uae30 \ud22c\uc790 \ud655\ub300, \uadf8\ub9ac\uace0 \uc5d0\ub108\uc9c0 \ubd80\ubb38\uc758 \ubc95\uc801 \uc548\uc815\uc131 \ud655\ubcf4\ub97c \ubaa9\ud45c\ub85c \ud558\uace0 \uc788\ub2e4.<\/li>\n\n\n\n
  6. \ubbf8\uad6d-\uc774\ub780 \uac08\ub4f1 \uc18d \uae00\ub85c\ubc8c \uc2dc\uc7a5 \uad00\ub9dd\uc138
    \uad6d\uc81c \uae08\uc735\uc2dc\uc7a5\uc740 \ubbf8\uad6d\uacfc \uc774\ub780 \uc0ac\uc774\uc758 \uae34\uc7a5 \uc0c1\ud669\uc744 \uc8fc\uc2dc\ud558\uba70 \ubd88\uc548\uc815\ud55c \ud750\ub984\uc744 \ubcf4\uc774\uace0 \uc788\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 \uc6cc\uc2f1\ud134\uacfc \ud14c\ud5e4\ub780 \uac04 \ud3c9\ud654 \ud611\uc0c1 \uad00\ub828 \uc9c4\uc804\uc744 \uae30\ub2e4\ub9ac\uace0 \uc788\ub2e4.
    \uc804\ub0a0\uc758 \ub099\uad00\ub860\uc740 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504\uc758 \uc0c8\ub85c\uc6b4 \uc704\ud611 \ubc1c\uc5b8 \uc774\ud6c4 \ube60\ub974\uac8c \uc57d\ud654\ub418\uc5c8\ub2e4. \uad6d\uc81c\uc720\uac00\ub294 \ud070 \ud3ed\uc758 \ubcc0\ub3d9\uc131\uc744 \ubcf4\uc600\uc73c\uba70, \ube0c\ub80c\ud2b8\uc720\ub294 3.1% \ud558\ub77d\ud574 \ubc30\ub7f4\ub2f9 USD98.10 \uc544\ub798\ub85c \ub0b4\ub824\uac14\ub2e4. WTI \uc5ed\uc2dc 3.3% \ud558\ub77d\ud55c USD91.98 \uc218\uc900\uc744 \uae30\ub85d\ud588\ub2e4.
    \uc720\ub7fd \uc99d\uc2dc\ub294 \ud070 \ubcc0\ub3d9 \uc5c6\uc774 \ud63c\uc870\uc138\ub97c \ub098\ud0c0\ub0c8\uc73c\uba70, \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8 \uc120\ubb3c\uc2dc\uc7a5\ub3c4 \ube44\uc2b7\ud55c \ud750\ub984\uc744 \ubcf4\uc600\ub2e4. S&P500, \ub098\uc2a4\ub2e5, \ub2e4\uc6b0\uc9c0\uc218 \uc120\ubb3c\uc740 \uc18c\ud3ed \uc0c1\uc2b9\ud588\ub2e4.
    \uc2dc\uc7a5\uc740 \ud604\uc7ac \uc774\ub780\uc774 \ubbf8\uad6d\uc758 \uc81c\uc548\uc5d0 \uc5b4\ub5a4 \ubc18\uc751\uc744 \ub0b4\ub193\uc744\uc9c0 \uc8fc\uc2dc\ud558\uace0 \uc788\uc73c\uba70, \uc5d0\ub108\uc9c0 \ubd80\ubb38\uc740 \uae00\ub85c\ubc8c \uacf5\uae09 \ubcc0\ud654 \uac00\ub2a5\uc131\uc5d0 \ub300\ud55c \uc6b0\ub824 \uc18d\uc5d0\uc11c \ub192\uc740 \ubcc0\ub3d9\uc131\uc744 \uc774\uc5b4\uac00\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":12591,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-12590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12590"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12590\/revisions"}],"predecessor-version":[{"id":12592,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/12590\/revisions\/12592"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/12591"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}