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DOLLAR-DENOMINATED SOVEREIGNS STARTED THE WEEK WITH A SLIGHT DECLINE, falling 0.1%. The short end held firm with average gains of 0.4%, while the long end dropped 0.3%. Country risk rose to 555 bps. Bopreal bonds gained 0.6%.
ARS-DENOMINATED DEBT HAD A POSITIVE SESSION ACROSS MOST SEGMENTS, as overnight rates eased slightly: the Repo rate stood at 21.1% NAR and the one-day repo at 22.6% NAR, while TAMAR rose to 23.1% NAR. Dollar-linked bonds led gains with +0.6%, consistent with the rise in exchange rates, followed by Dual and CER bonds, which advanced 0.2%, driven by the long end of the curve. The fixed-rate curve fell 0.1% and remains flat at average rates of 2.1% EMR across the curve.
THE OFFICIAL EXCHANGE RATE ROSE 1.2%, closing at $1,398.31, sitting 22.3% below the upper band ceiling. Financial exchange rates declined: the MEP fell 0.3% and the CCL 0.1%, closing at $1,436.3 and $1,494.1, respectively, while the spread rose to 4%. The BCRA continued purchasing FX in the official market, buying USD 71M on the day, bringing year-to-date purchases to USD 7,226M. Gross reserves rose USD 1,200M to USD 45,683M, driven mainly by the seasonal replenishment of reserve requirements at the start of the month.
THE MERVAL FELL 0.2% IN PESOS AND 0.6% IN DOLLAR TERMS, closing at USD 1,891. Declines were led by the financial, construction, and consumer sectors, while materials, utilities, and communications posted gains. Locally, Holcim (-6.9%), Banco Supervielle (-3.2%), and Banco Galicia (-2.9%) led the losses, while ByMA (4.9%), Loma Negra (1.4%), and YPF (0.5%) were the top performers. Among NYSE-listed stocks, the average fell 0.5%, with Grupo Supervielle (-3.5%), Galicia (-3.2%), and Bioceres (-2.6%) leading the declines, while Ternium (2.7%), Corporación América (2.2%), and Loma Negra (1.7%) posted the largest gains.
APRIL TAX REVENUE TOTALED ARS 17.4 TRILLION, a nominal increase of 27.2% year-over-year that came in 6 percentage points below inflation for the period, marking nine consecutive months of real declines. Key drags included reduced export duty rates and a slowdown in imports. In the first four months of the year, revenue is down 6.5% in real terms compared to the same period last year.
