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DOLLAR-DENOMINATED SOVEREIGN BONDS ROSE 0.9% IN A MORE OPTIMISTIC GLOBAL ENVIRONMENT, OUTPERFORMING THE REST OF EMERGING MARKET DEBT. Along the curve, Bonares led the gains with a 1% increase, while Globales rose 0.8%, mainly driven by the long end. In this context, country risk declined to 591 bps. In contrast, BCRA instruments showed a negative tone, falling 0.4%.
ARS-DENOMINATED DEBT POSTED ANOTHER POSITIVE PERFORMANCE, once again led by CER-linked bonds, which rose 0.4% and are now yielding around -6% in real terms at the short end, reflecting stronger demand for inflation hedging. The fixed-rate curve followed with a 0.3% gain, yielding between 2.1% and 2.4% monthly, while dollar-linked bonds rose 0.2% and Dual bonds were unchanged.
THE OFFICIAL EXCHANGE RATE ROSE 0.1% AND CLOSED AT $1,395.51, REMAINING 17.1% BELOW THE UPPER LIMIT OF THE FX BAND AND ACCUMULATING A 1% DECLINE FOR THE MONTH. Meanwhile, financial dollars fell, with the MEP down 0.6% and the CCL down 0.2%, closing at $1,417.7 and $1,471.9, respectively, widening the swap spread to 3.8%. Meanwhile, the BCRA purchased USD 70 M in the official market, bringing total purchases for the month to USD 706 M, while gross reserves fell by USD 67 M to USD 44,721 M.
THE MERVAL REBOUNDED 2.1% IN PESOS AND 2.5% IN USD (CCL TERMS), SUPPORTED BY HIGHER OIL PRICES, AND CLOSED AT USD 1,813. At the sector level, gains were mainly driven by energy and utilities, while industrials partially offset the advance. The best-performing stocks were Mirgor, Pampa, and CEPU, with increases ranging from 4.6% to 6.5%. Meanwhile, Transener fell 4.5% and Holcim declined 1.3%. Argentine stocks listed on Wall Street rose 2.2%, led by AdecoAgro (14.5%), Vista (5.8%), and Pampa (5.0%), while Bioceres fell 4.7%.
