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ON TUESDAY'S SESSION, LOCAL ASSETS POSTED A MIXED PERFORMANCE. Dollar-denominated sovereigns edged higher and country risk compressed to 491 bps. On the peso-denominated curves, CER bonds advanced while Lecaps, dollar-linked, and Duals were little changed. Financial exchange rates rose, as did the official rate. The BCRA purchased USD 175M in the official market and gross reserves increased.
ARS-DENOMINATED DEBT HAD A QUIET SESSION, with dollar-linked instruments again standing out relative to the rest of the curve, falling 0.6%, in a session where the exchange rate continued to rise. CER bonds followed, declining 0.7%, with the long end closing flat, while Lecaps and Duals edged lower.
DOLLAR-DENOMINATED DEBT ADVANCED 0.3% AGAIN, in line with the performance of emerging market debt, with stronger gains in Bonares (+0.4%) than in Globals (+0.2%), with the AL35 standing out with a rise of 0.7%. Country risk settled at 491 bps, slightly below Monday's close. Bopreal bonds, meanwhile, retreated 0.1%.
THE OFFICIAL EXCHANGE RATE ROSE 0.4% AGAIN, closing at ARS 1,426.98 and standing 23.6% below the ceiling of the band. Financial exchange rates also moved higher, with the MEP gaining 0.9% to ARS 1,449.6 and the financial rate adding 0.8% to ARS 1,502.1, while the spread between them remained stable at 3.6%. The BCRA purchased USD 175M in the official market, bringing year-to-date purchases to USD 9,986M. Gross reserves rose USD 59M to close at USD 48,427M.
THE MERVAL FELL 0.6% IN PESOS AND 1.4% IN USD, closing at USD 2,146. Losses were broad-based across nearly all sectors, with real estate, materials, and banks leading the declines, while energy and communications were the only sectors to trade higher. In the local panel, Transener (-7.1%), IRSA (-6.8%), and Loma Negra (-5.1%) led the losses, while YPF (+1.3%), Banco Supervielle (+1.0%), and Banco BBVA Argentina (+0.2%) were the only gainers. Among NYSE-listed names, the average fell 1.3%, with Loma Negra (-6.0%), Globant (-4.9%), and Cresud (-4.9%) among the worst performers, while Ternium (+4.4%), Grupo Supervielle (+2.1%), and Bioceres (+2.1%) led the gains.
