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DOLLAR-DENOMINATED BONDS CLOSED NEARLY UNCHANGED IN AGGREGATE TERMS, with the general index advancing just 0.1% in a session where emerging debt traded lower. Performance was markedly uneven across curve and tenor: Globals gained 0.1% on average, with the long end—GD35, GD38, and GD46—rising between 0.3% and 0.5%, while GD30 fell 0.8% and GD29 advanced 1%. Bonares showed similar dynamics, with AL41 climbing 1.1% and AO27 and AE38 retreating, the index nearly flat at +0.02%. Country risk closed at 573 bp, down 13 bp from the prior session. Bopreal rose 0.3%.
ARS-DENOMINATED DEBT POSTED A MIXED SESSION WITH A SLIGHT DOWNWARD BIAS, adjusted for currency movements. Dollar-linked instruments fell 1.9%, pressured by official FX depreciation. CER bonds dropped 1.9%, with heaviest selling concentrated in the short end. LECAPs fell 0.3%, though rates held nearly flat around 2.1% EMR. Duales rose marginally.
THE OFFICIAL EXCHANGE RATE RETREATED 0.3% AND CLOSED AT $1,408.15, sitting 20.7% below the ceiling that on Tuesday approached $1,700. Financial FX fell more steeply: MEP fell 1.1% and CCL fell 1.2%, closing at $1,448.1 and $1,499.4 respectively, while the swap spread sat at 3.5%. The BCRA continued FX purchases in the MLC but at a slower pace, USD 53M daily, accumulating USD 2.67B for the month and USD 6.945B year-to-date. Gross reserves fell USD 667M and closed at USD 45.211B, mainly due to Bopreal maturities.
THE MERVAL FELL 1.0% IN PESOS AND 0.5% IN CCL TERMS, settling at USD 1,903. Losses were led by the financial sector while communications advanced. Domestically, Banco Supervielle (−4.5%), Banco BBVA Argentina (−3.6%), and Banco Macro (−2.9%) led declines, while Telecom Argentina (9.9%), Transener (6.7%), and IRSA (3.8%) led gains. Among ADRs, the average fell 0.3%, with Grupo Supervielle (−4.7%), Bioceres (−4.1%), and BBVA (−3.1%) as largest declines, while Telecom Argentina (8.9%), AdecoAgro (5.0%), and YPF (3.5%) led advances.
