DOLLAR-DENOMINATED DEBT HAD A STABLE SESSION, OUTPERFORMING EMERGING MARKET DEBT. Bonares rose 0.2%, with gains of up to 0.7% in the short end, while Globales edged up just 0.1%. With this performance, country risk fell to 552 bp. Meanwhile, Bopreals stood out with a 0.4% gain.

‍AHEAD OF THE AUCTION, PESO RATES EDGED SLIGHTLY HIGHER: while the overnight repo remained around 20% TNA, the Repo rate rose to 22% TNA. In this context, the fixed-rate curve led gains with an increase of 0.5%, while the CER curve and Duales posted advances of 0.4%. Meanwhile, dollar-linked instruments fell 0.1%, in line with the decline in exchange rates.

‍THE OFFICIAL EXCHANGE RATE FELL BY 0.4% AND CLOSED AT $1,396.45, REMAINING 16.2% BELOW THE UPPER LIMIT OF THE FX BAND. Financial dollars also declined, with the MEP falling 0.6% and the CCL 0.4%, closing at $1,415 and $1,456, respectively, while the spread widened slightly to 2.9%. In this context, the BCRA resumed FX purchases in the official market, buying USD 86 M. As a result, it has accumulated purchases of USD 494 M so far this month (equivalent to a daily pace of USD 62 M) and USD 3,207 M year to date. Meanwhile, gross international reserves declined by USD 272 M to USD 45,771 M.

‍THE MERVAL ROSE FOR THE SECOND CONSECUTIVE SESSION, GAINING 2.6% IN PESOS AND 3.0% IN CCL DOLLARS, CLOSING AT USD 1,902. The energy sector led the advance following the rebound in oil prices. The best-performing stocks were VALO, COME, and YPF, rising between 6.6% and 9.6%. Among Argentine companies listed on the New York Stock Exchange, the average increase was 2.1%, led by YPF, Telecom, and BBVA, which posted gains between 4.1% and 7.1%. Meanwhile, Globant and Bioceres declined by 1.3% and 1.2%, respectively