LOCAL ASSETS CLOSED MIXED, with dollar-denominated sovereign bonds edging higher while local-currency bonds ended slightly in the red. Financial exchange rates and the official rate declined, with the Central Bank purchasing USD 50 M in the FX market. Equities pulled back, with the Merval closing down 0.6% in dollar terms. Today, the Treasury will hold an auction seeking to roll over $16.2 trillion in maturities with a broad basket including new fixed-rate, inflation-linked, TAMAR, dual, and dollar-linked instruments, alongside the Bonar 2028. Demand is expected to concentrate in short-term fixed-rate and dollar-linked offerings, and while the volume is challenging, the Treasury is expected to roll over above par by offering some rate premium.

LOCAL-CURRENCY DEBT HAD A MIXED SESSION. Inflation-linked bonds fell 0.1%, with sharper losses in the long end (-0.4%). Dollar-linked and fixed-rate bonds edged up 0.1%, while duals rose 0.2%. The session unfolded amid rising short-term rates: the overnight repo rate, which had been trading near 20% NAR for months, closed at 22.6% NAR. Meanwhile, the stock of pesos absorbed by the Central Bank via repos at the same 20% NAR rate fell to $1.7 trillion, down from an average of $2.8 trillion so far in June.

DOLLAR-DENOMINATED DEBT ROSE 0.2%, slightly outperforming emerging market debt. Bonares led with a 0.3% gain, highlighted by the AL35 (+0.6%), while Globales edged up 0.1%. Country risk closed at 437 bps. Bopreal bonds advanced 0.1%.

THE OFFICIAL EXCHANGE RATE EDGED DOWN 0.1% to $1,477.3, accumulating a 4.8% increase so far in June. Financial exchange rates also declined, falling 0.1% and 0.2% to close at $1,501 and $1,546.6 respectively, while the spread narrowed to 3%. The Central Bank purchased USD 50 M in the official market, accumulating USD 1,296 M in June and USD 11,052 M year-to-date. Gross reserves rose USD 24 M to close at USD 46,961 M.

THE MERVAL INDEX FELL 0.6%, closing at USD 1,994. Real estate, materials, and banks posted losses, while consumer and energy stocks edged higher. Among local names, Aluar (-3.5%), Cresud (-2.3%), and IRSA (-2.0%) led the declines, while Mirgor (+3.1%), Edenor (+1.2%), and Ternium (+1.1%) closed in positive territory. Among ADRs, Vista Energy (-1.3%), Globant (-1.3%), and Loma Negra (-1.1%) led the losses, while Bioceres (+3.9%), Ternium (+1.2%), and Edenor (+0.6%) were the top gainers.