DOLLAR BONDS FELL 0.5% ON AVERAGE, on a day when emerging market debt rose 1.0%. Bonares and Globales each pulled back 0.5%, with no difference between the 2027 tranche and the curve from 2028 onward. The AN29 (-1.8%) posted the biggest decline. Against this backdrop, country risk rose 21 bps to close at 852 bps. Bopreal bonds moved against the trend, up 0.3% on average, with gains across almost all strips.
PESO CURVES ENDED LOWER IN USD TERMS, with duals the exception amid a broadly weak session for peso paper. Duals led with a 0.3% gain, driven by CER/TAMAR duals (+1.0%). Within that group, 2029 and 2030 maturities led the gains, up 2.0% on average, versus -0.5% for 2028 paper. After a move of that size, the BCRA may have stepped in on that segment of the curve to cap it. CER bonds followed, down 1.1%, with the long end (-0.8%) outperforming the short end (-1.6%). TAMAR bonds fell 1.3% and fixed-rate notes 1.5%, while dollar-linked bonds posted the steepest decline, down 2.1%.
THE OFFICIAL EXCHANGE RATE FELL 0.1%, closing at $1,548.5, bringing its November gain to 0.7%. The MEP dollar rose 0.7% to $1,584.5 and the CCL rose 1.7% to $1,679.7, which pushed the spread to 6.0%. Meanwhile, the BCRA bought USD 9 M, its first purchases of November, bringing year-to-date purchases to USD 15,984 M. Gross reserves, in turn, rose USD 142 M to close at USD 50,435 M.
THE MERVAL FELL 2.4% IN PESOS AND ALSO 2.4% IN CCL-DOLLAR TERMS, closing at USD 52.8. Gains on the local panel, in USD terms, were led by Ternium (+2.7%), IRSA (+1.0%) and Sociedad Comercial del Plata (+0.5%), while YPF (-9.3%), Pampa Energía (-7.3%) and Mirgor (-5.3%) led the declines. On Wall Street, ADRs fell 0.8% on average. Globant (+5.7%), Bioceres (+5.6%) and Mercado Libre (+4.7%) moved higher, while Vista (-8.4%), YPF (-7.9%) and Pampa Energía (-5.1%) brought up the rear.
