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ARS-DENOMINATED DEBT ALSO MOVED HIGHER, albeit with more modest gains across all segments, except for dollar-linked bonds, which fell 1.3% in line with the decline in exchange rates. CER bonds rose 0.4%, followed by Dual bonds, which gained 0.3%, while Lecaps increased just 0.2% and continue to show negative real rates.
DOLLAR-DENOMINATED DEBT POSTED A RECOVERY, in a context of improved global risk appetite following the announcement of a potential agreement between the US and Iran, which helped ease geopolitical tensions. In this framework, sovereign dollar bonds rose by 1.9% on average, driven by Global bonds, which gained 2.1%, while Bonares posted a more moderate increase of 1.5%. As a result, country risk fell back below 600 bps, closing at 570 bps, suggesting that part of the recent dynamics was driven by external factors. Meanwhile, Bopreal bonds also moved higher, rising 1.4%.
THE OFFICIAL EXCHANGE RATE FELL 0.6% TO $1,387.03, STANDING 20.2% BELOW THE UPPER BAND. Financial dollars also declined, with the MEP down 0.2% and the CCL down 0.3%, closing at $1,427.1 and $1,482.5, respectively, while the swap spread remains elevated at around 3.9%. Meanwhile, the BCRA continued purchasing foreign currency in the official market, buying USD 102M during the session and accumulating USD 4,687M in purchases year-to-date. Gross reserves increased by USD 308M, closing at USD 44,750M.
THE MERVAL ROSE 1.3% IN PESOS AND 1.6% IN USD (CCL), CLOSING AT USD 2,031. The gain was smaller than in the Latam region, as the decline in energy stocks—driven by lower oil prices—partially offset strong gains in the banking sector. The top performers in USD were Banco Macro (7.6%), Supervielle (6.7%), and BBVA (5.2%). On the downside, the biggest losses were seen in TGS (-3.4%), Aluar (-2.7%), and TGN (-2.5%). As for stocks trading in New York, they posted an average gain of 2.1%, led by Bioceres (11.6%), Supervielle (7.4%), and Macro (7.1%), while the largest declines were recorded in Vista (-6.5%), AdecoAgro (-5.1%), and TGS (-2.2%).
