ARGENTINE ASSETS HAD A MIXED SESSION, USD bonds fell again, more than emerging market debt, and country risk posted a fresh rise. In the FX market, the BCRA went another session without purchases while the official rate kept climbing, and the financial dollars followed suit. The peso curve closed with mild losses, led lower by dual bonds. Equities were the exception, rebounding in pesos after Monday’s decline.
USD-DENOMINATED BONDS FELL 1.1% ON AVERAGE, on a day when EM debt dropped 0.3%. Bonares fell 1.2% and Globales 1.0%. The gap between tranches resurfaced: 2027 maturities closed practically unchanged (-0.1%), while the curve from 2028 onward fell 1.2%, with the AL41 (-2.1%) posting the steepest decline. Against this backdrop, country risk rose 26 bps to close at 831 bps. Bopreal bonds also fell, down 0.7% on average, with steeper declines in the 2028 strips than in the 2027 strips.
THE PESO CURVE CLOSED LOWER IN USD TERMS, dual bonds were hit hardest, down 1.1%, led by CER/TAMAR duals (-1.4%). CER bonds followed, down 0.6%: the short end fell 0.2%, while the long end dropped 0.8%. TAMAR bonds fell 0.5% and fixed-rate bonds 0.4%. dollar-linked bonds posted the smallest decline, down 0.1%.
THE OFFICIAL EXCHANGE RATE ROSE 0.3%, closing at $1,549.7 and bringing its November gain to 0.8%. The MEP dollar advanced 0.6% to $1,574.2, and the CCL rose 0.3% to $1,651.6, pushing the spread to 4.9%. Meanwhile, the BCRA went another session without purchases and has yet to buy FX in November, leaving the year-to-date total at USD 15,975 M. Gross reserves fell USD 148 M to close at USD 50,293 M.
THE MERVAL ROSE 0.4% IN CCL DOLLAR TERMS, up 1.6% in pesos, closing at USD 54.1. Gains on the local panel were led by Mirgor (+4.3%), Banco de Valores (+4.1%) and Transportadora de Gas del Sur (+3.5%), while Transener (-3.0%), Cresud (-2.2%) and Sociedad Comercial del Plata (-1.7%) posted the steepest declines. On Wall Street, ADRs fell 0.3% on average. TGS (+4.1%), YPF (+2.2%) and Bioceres (+2.0%) moved higher, while Globant (-4.2%), Cresud (-3.8%) and Loma Negra (-2.2%) brought up the rear.
