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ARS-DENOMINATED DEBT POSTED A POSITIVE SESSION FOLLOWING MONDAY’S DECLINE, with inflation-linked instruments leading gains at around +1.5%, consistent with an implied inflation rate of roughly 2.6% m/m over the next two months. Lecaps and dual bonds followed with more modest increases of about +0.8%. In contrast, dollar-linked bonds edged up by approximately +0.3%. Within this segment, D30A6 stood out on the downside, posting a decline alongside unusually high trading volumes, which could be indicative of selling pressure from the BCRA.
AMID A MORE SUPPORTIVE GLOBAL BACKDROP, SOVEREIGN HARD-CURRENCY DEBT RECOVERED, RISING 1.1%, with the long end under local law leading performance, posting gains of up to 1.6% in AL35. Meanwhile, bonds governed by foreign law advanced by 1.0%. Following this move, country risk compressed modestly to 617 bps, after reaching year-to-date highs in the previous session. Bopreal instruments, in turn, gained 0.6%.
THE OFFICIAL EXCHANGE RATE DECLINED BY 0.9% TO $1,382.76, STANDING 19.7% BELOW THE UPPER BAND, while financial FX rates also moved lower: MEP fell 0.3% and CCL dropped 0.6%, closing at $1,430.5 and $1,480.2, respectively, with the spread narrowing to 3.5%. Meanwhile, the BCRA extended its uninterrupted streak of purchases in the official market, acquiring USD 140 M, bringing total purchases to USD 1,671 M in March and USD 4,386 M year-to-date. Gross reserves, however, declined by USD 1,290 M, mainly explained by the seasonal drop in reserve requirements at month-end, closing at USD 42,091 M.
THE MERVAL EXTENDED ITS GAINS, RISING 4.6% IN PESOS AND 5.2% IN USD (CCL TERMS), CLOSING AT USD 2,025. Banks led the rally, with Supervielle, BBVA, and Macro posting gains between 10.6% and 12.3%. Meanwhile, the energy sector saw slight declines, with TGS and YPF falling 1.5% and 0.8%, respectively. Argentine stocks listed in Wall Street rose 5.3% on average, driven by BBVA, Supervielle, and Macro with gains ranging from 10.4% to 12.2%, while AdecoAgro and Vista declined 1.5% and 1.4%, respectively.
