USD-DENOMINATED BONDS TRADED LOWER, with sovereign debt slipping around 0.5% on average. Globales fell close to 0.6% and Bonares 0.4%, with the short end lagging the long end, a steepening that left the GD30 down 1.1% and the GD29 down 0.9% while the GD38 closed practically unchanged. The move contrasted with emerging market debt, which closed higher, a decoupling that pushed country risk to 445 bps, four points above the previous close. Bopreal bonds followed suit, down 0.3% on average.
PESO CURVES ROSE IN USD TERMS ACROSS ALL TENORS. Fixed-rate paper led the gains at around 1.1%, followed by CER-linked and TAMAR debt at about 1.0% and dual bonds at 0.9%, while dollar-linked notes lagged with the smallest gain, near 0.7%. Fixed-rate and CER-segment yields climbed over the course of the session, in line with repo rates (caución) that traded as high as 30% intraday before easing.
THE OFFICIAL EXCHANGE RATE FELL 0.4% to close at $1,490.84, up 0.5% on the month. The MEP dollar retreated 0.3% to $1,520.45 and the CCL led the decline, falling 1.3% to $1,565.41, leaving the MEP-CCL spread at around 3.0%. Separately, the BCRA bought USD 117 M during the session, bringing its July total to USD 2,117 M and USD 13,291 M year-to-date. Meanwhile, gross reserves fell USD 199 M to close at USD 49,001 M.
THE MERVAL ROSE 4.3% IN USD (CCL) TERMS, closing at USD 2,126 (up 2.2% in pesos). The session showed broad buying interest, led by utilities, financials and energy, while real estate lagged with a marginal gain of about 0.1% in dollar terms. Among local board stocks, Sociedad Comercial del Plata stood out with a gain of about 8.7% in dollar terms, followed by Central Puerto at 8.4% and Banco Supervielle at 7.9%. New York-listed ADRs rose 3.5% on average, led by Central Puerto at 7.8%, Edenor at 6.9% and Grupo Supervielle at 6.9%, while Globant lagged with a 4.6% decline.
