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DOLLAR-DENOMINATED DEBT HAD A NEGATIVE SESSION, IN LINE WITH EMERGING MARKET DEBT, FALLING 0.7%. Bonares declined 1.0%, while Globales fell 0.5%, both dragged down by the long end of the curve. With this performance, the country risk rose again to 561 bps. As for BCRA debt, it fell by an average of 0.4%, showing a more moderate decline than sovereign bonds.
REGARDING ARS-DENOMINATED DEBT, TRADING OPENED WITH A POSITIVE TONE ACROSS THE CURVE, which reversed after the release of February’s inflation data that came in above expectations. In this context, the fixed-rate curve fell 0.6% , with the short end backing up to around 2.5% EMR. Meanwhile, inflation-linked bonds (CER) showed relatively stronger demand but still closed 0.1% lower, in line with dual bonds, while dollar-linked securities declined 0.2%.
THE OFFICIAL EXCHANGE RATE ROSE 0.2% AND CLOSED AT $1,399.67, STANDING 16.0% BELOW THE UPPER LIMIT OF THE BAND. Financial dollars showed mixed performance: the MEP fell 0.7%, while the CCL rose 0.3%, closing at $1,404.5 and $1,460.4, respectively, which led the spread to widen to 4.0%. In this context, the BCRA resumed FX purchases in the MLC, buying USD 47 M. As a result, it has accumulated purchases of USD 541 M so far this month — bringing the average daily pace down to USD 61 M — and USD 3,254 M year-to-date. Meanwhile, gross international reserves declined by USD 3 M, closing at USD 45,768 M.
THE MERVAL FELL 2.3% IN PESOS AND 2.2% IN CCL DOLLAR TERMS, CLOSING AT USD 1,861. The banking sector led the decline, with Banco Macro, Supervielle, and Galicia at the forefront, dropping between 3.6% and 4.4%. Meanwhile, Cresud and VALO posted gains of 1.6%. Argentine stocks listed on Wall Street fell by 1.9% on average, led by declines in MELI, Banco Macro, and Galicia, which dropped between 4.9% and 6.6%. In contrast, Bioceres rose 12.2%, while Vista gained 3.5%.
