DOLLAR BONDS CLOSED WITH AN AVERAGE DECLINE OF 1.1%, on a day when emerging market debt rose 0.1%. Globales fell 1.3% and Bonares 1.0%. The difference was across segments: 2027 maturities rose 0.1%, while the curve from 2028 onward lost 1.2%, with the long end under New York law concentrating the biggest losses. Against this backdrop, country risk rose 10 bps to close at 797 bps. Bopreal bonds, measured in MEP dollars, gained around 0.4%.
PESO CURVES ENDED MIXED IN USD TERMS, with CER-linked duales at TAMAR hit hardest, down 0.7%, followed by CER bonds, flat at 0.0% in USD terms, with losses concentrated in the long end. dollar-linked bonds ended up 0.1% on average in USD terms, though the curve steepened: the short end rose 0.4% and the long end fell 0.6%. At the other end, fixed-rate bonds gained 0.2%.
THE OFFICIAL EXCHANGE RATE ROSE 0.5% TO CLOSE AT $1,544.7, Financial dollars, by contrast, declined: the MEP dollar fell 0.5% to $1,565.0 and the CCL dollar fell 0.1% to $1,647.3, pushing the spread to 5.3%. Separately, the Central Bank made no FX purchases on the day, leaving the year-to-date total unchanged at USD 15,975 M. Meanwhile, gross reserves rose USD 1,879 M to close at USD 50,441 M, recovering the seasonal month-end decline driven by reserve requirement movements.
THE MERVAL FELL 3.2% IN PESOS AND 3.1% IN CCL DOLLAR TERMS, closing at USD 54.1. The session was clearly seller-driven. Among the few gainers on the local panel were Banco de Valores (+3.4%), Holcim (+1.4%) and Cresud (+0.4%), while YPF (-5.9%), Transportadora de Gas del Norte (-5.9%) and Transener (-5.1%) led the declines. On Wall Street, ADRs fell 1.8% on average. Bioceres (+5.7%), Mercado Libre (+4.3%) and Globant (+3.3%) moved higher, while IRSA (-13.3%), YPF (-5.9%) and Grupo Supervielle (-5.0%) were at the bottom.
