THE SESSION LEFT DOLLAR SOVEREIGNS IN NEGATIVE TERRITORY, in line with an emerging-market debt complex that closed lower, with the long end of the curve concentrating the steepest losses. Country risk tracked the move, settling at 437 bps. Peso curves were more mixed once translated to USD terms, with dollar-linked notes and CER easing back as the financial dollar climbed, fixed-rate paper trading without clear direction, and duals lagging slightly. On the FX front, the official rate advanced, while the central bank kept up its buying routine even as gross reserves fell on the day.
DOLLAR BONDS CLOSED LOWER, with sovereign debt easing by around 0.7% on average. Globals fell 0.9% and Bonares 0.6%, with the long end taking the brunt of the punishment, where AL35 and GD46 led losses with declines of 1.3% and 1.4%, while the short end held practically unchanged. The move tracked an emerging-market debt complex that closed in the red, and country risk rose to 437 bps. Bopreal notes showed greater resilience, giving up just 0.2% in dollar terms.
PESO CURVES ENDED LOWER IN USD TERMS, despite a mildly bullish tone in pesos, with mixed performance across the board. Dollar-linked notes, nominally the top performers in pesos on the back of a rallying financial dollar, slipped 0.7% once translated to USD, followed by CER-linked paper, down 1.0%. Fixed-rate bonds, which traded without clear direction in pesos, ended down 1.1% in USD terms, in line with TAMAR-linked instruments, while duals lagged further into negative territory. On the rate front, TAMAR climbed to 22.94% NAR.
THE OFFICIAL EXCHANGE RATE ROSE 0.4%, closing at $1,489. The MEP dollar advanced 0.3% to $1,518.2 and the CCL dollar climbed 1.1% to $1,581.9, widening the gap with the official rate to 6.2% and the MEP-CCL spread to 4.2%. Separately, the central bank bought USD 45 M on the day, bringing accumulated purchases to USD 1,592 M in July and USD 12,766.2 M year-to-date. Meanwhile, gross reserves fell USD 352 M to close at USD 48,684 M.
THE MERVAL FELL 2.3% IN CCL-DOLLAR TERMS, (1.6% in pesos), closing at USD 2,096, in a broadly lower session led by the financial sector. Financials and real estate topped sectoral losses; energy and materials managed to close practically unchanged. Among local shares in USD-adjusted terms, BBVA (-8.6%), Banco Macro (-6.2%) and Galicia (-5.5%) led the declines, while TGS (+0.6%) was the lone name in the green, with Ternium (-0.1%) and Aluar (-0.6%) slipping into negative territory once adjusted. Among New York-listed shares, BBVA (-9.0%), Banco Macro (-6.2%) and Galicia (-5.7%) led losses, while Vista Energy (+3.7%), Ternium (+1.7%) and TGS (+0.2%) were the positive exception.
