ARS-DENOMINATED DEBT HAD A MIXED SESSION, with dollar-linked instruments falling 0.7%, in line with the movement of the exchange rate. CER instruments also declined 1.4%, despite support from the long end. Dual-linked bonds lost 1.6%, as did Lecaps, which retreated across the curve except for the June maturity segment.

DOLLAR-DENOMINATED DEBT FELL 0.4%, in line with the performance of emerging market peers and higher yields on the US sovereign curve. Bonares lost an average of 0.5%, led by a 0.9% decline in the AL35. At these prices, country risk closed at 493 bps. Bopreal bonds edged up 0.1%.

THE OFFICIAL EXCHANGE RATE ROSE FOR THE THIRD CONSECUTIVE SESSION, gaining 0.6% to close at ARS 1,435.38, now 23% below the upper band ceiling. Financial exchange rates also advanced: the MEP gained 1.3% to ARS 1,468.9 and the cable rate climbed 1.5% to ARS 1,524.6, with the spread between the two widening to 3.8%. The BCRA purchased USD 43M, bringing year-to-date purchases to USD 10,029M. Gross reserves declined USD 13M to close at USD 48,414M.

THE MERVAL FELL 1.9% IN PESO TERMS and 3.3% in dollar terms, closing at USD 2,075. Banks led the decline, with BBVA dropping 6.2%, Supervielle 5.4%, and Galicia 4.7%.