SOVEREIGN USD BONDS ROSE 0.4% ON AVERAGE, with Globales up 0.4% and Bonares up 0.4%. The gains were concentrated in the short end, which climbed as much as 0.8%, while the longer end of the New York law curve was practically unchanged, in a move that continued to flatten the curve. Country risk closed at 494 bps, breaking below the 500 bps threshold once again. Bopreal bonds followed suit, gaining 0.7% measured in MEP dollars.
CER-LINKED NOTES LED THE SESSION IN USD TERMS, GAINING 0.9%, followed by fixed-rate paper, up 0.6%, while CER-TAMAR duals and dollar-linked notes closed with no relevant change. Within inflation-linked instruments there was a marked differential compression favoring the long end, which rose as much as 1.4% in USD terms, versus shorter maturities that barely moved between 0.6% and 0.7%, steepening the segment in favor of longer tenors.
THE OFFICIAL EXCHANGE RATE FELL 0.2% TO $1,508, accumulating a 0.1% decline so far in September. Financial dollar rates retreated more sharply: the MEP dollar eased 0.9% to $1,530.2 and the CCL dollar dropped 0.5% to $1,591.2, with the implied spread at 4.0%. The Central Bank bought USD 15 M in the official market and gross reserves closed at USD 50,800 M, USD 315 M above the prior day.
THE MERVAL ROSE 2.3% IN USD TERMS TO USD 1,957, while ADRs gained 1.8% on average. Leadership came from consumer staples, followed by energy and utilities, while industrials, materials and communications lagged, although the entire session traded higher. Among local shares, Edenor stood out with a 4.8% gain in USD terms, Cresud with 4.8% and Transportadora de Gas del Norte with 4.5%, while Mirgor slipped 0.4% in USD terms and IRSA edged up 0.3%. In New York, Edenor led with 5.1%, Corporación América with 4.7% and Cresud with 4.5%, while the biggest decliners were Bioceres with 2.8%, Globant with 2.0% and AdecoAgro with 2.0%.
