SOVEREIGN DOLLAR BONDS POSTED MODERATE GAINS ON THURSDAY, while equities were little changed. The BCRA bought USD 25 M and gross reserves rose, with the official rate up slightly while financial dollars gained more than 1.0%. Peso bonds ended lower, with CER bonds and Lecaps giving back ground.

PESO CURVES ENDED LOWER, with the one-day repo (caucion) rate closing at 18.8% NAR. CER bonds fell the least (-1.0%), followed by Lecaps and Duals (both -1.1%), while dollar-linked bonds also eased around 1.1% despite the rise in the exchange rate.

DOLLAR DEBT HAD ANOTHER POSITIVE SESSION, closing up 0.2%. Bonares rose 0.3%, led by the AL41 (+0.9%), while Globales advanced 0.2%, led by the GD38 (+0.5%). With this performance, country risk fell to 415 bps — the lowest of the Milei administration and 78 bps below where it started June. Separately, Bopreales fell 0.2%.

THE OFFICIAL EXCHANGE RATE ROSE AGAIN 0.2%, closing at $1,490.78. Financial dollars rose more sharply: the MEP up 1.3% and the CCL up 1.2%, closing at $1,533.1 and $1,579.9 respectively, with the FX spread at 3.1%. Separately, the BCRA continued its limited pace of purchases, buying USD 25 M and accumulating USD 11,225 M this year.

THE MERVAL WAS FLAT IN DOLLAR TERMS, holding at USD 1,999 (up 1.2% in pesos). Among local stocks, the biggest decliners were Holcim (-6.7%), Transener (-2.1%) and Ternium (-1.7%), while Loma Negra (+3.1%), Supervielle (+2.3%) and Galicia (+1.5%) gained. Among ADRs, the average gain was 0.8%, led by Supervielle (+3.9%), Globant (+3.8%) and Loma Negra (+3.7%); on the downside, Vista Energy (-3.8%), Bioceres (-2.9%) and YPF (-1.2%) led the losses.