THE FINANCE SECRETARIAT ANNOUNCED THE TERMS OF THE AUCTION TO BE HELD THIS FRIDAY, FACING MATURITIES OF $7.9 BILLION. In this round, it offers fixed-rate instruments with a new LECAP maturing in July 2026 (S17L6), reopens the TAMAR note maturing in March 2027 (TMF27), introduces two new CER-linked bonds maturing in September 2027 (TZXS7) and September 2028 (TZXS8), and adds a dollar-linked bond maturing in June 2028 (TZV28). Additionally, it announced a swap of TZX26 for a new TAMAR instrument maturing in August 2027 (TMG27) and two new CER bonds maturing in March 2028 (TZXM8) and March 2029 (TZXM9). Finally, in dollars, it reopens AO27 with a maximum placement price of 101.533, implying a minimum yield of 5.12% IRR, and introduces AO28 as a new instrument with a 6% monthly coupon, both with a maximum placement amount of USD 250 M across the first and second rounds.

ARS-DENOMINATED DEBT POSTED A MIXED PERFORMANCE. Dual bonds were the standout, rising 1.6%, followed by dollar-linked instruments, which gained 1.5%. Meanwhile, the fixed-rate curve declined 0.2%, although performance was uneven across the curve, with the long end still registering losses of up to -0.4%. CER-linked bonds fell 0.1%, effectively posting a 1.2% increase. Following these moves, Lecaps continue to yield below 2.4% EMR, while CER instruments still exhibit negative real rates through July 2026.

USD-DENOMINATED DEBT CLOSED ON A POSITIVE NOTE, WITH BROAD-BASED GAINS ACROSS THE ENTIRE CURVE. The Bonares advanced 0.8% and the Globals 0.7%, mainly driven by the long end, where AL35 and AE38 led the gains with increases of 1.1% and 1.3%, respectively. Following this performance, the country risk stood at 595 bps. Meanwhile, Bopreals rose 0.6%.

THE OFFICIAL EXCHANGE RATE FELL 1% AND CLOSED AT $1,378.97, STANDING AT 19.4% OF THE BAND CEILING. Financial dollars also declined: the MEP retreated 1.7% and the CCL 1.3%, closing at $1,398.2 and $1,446.6, respectively, while the swap widened to 3.5%. The exchange rate drop persisted even with the BCRA purchasing USD 146 M in the official market, accumulating net acquisitions of USD 1,217 M for the month and USD 3,932 M for the year. Meanwhile, the stock of gross reserves rose by USD 24 M, closing at USD 43,832 M.

THE MERVAL ROSE 1.0% IN PESOS AND 2.7% IN USD CCL, REACHING A LEVEL OF USD 1,939. The rally was driven by the energy sector, with the top performers in dollar terms being IRSA (7.2%), YPF (5.7%), and BBVA (5.5%). Meanwhile, the biggest declines were seen in Edenor (-1.5%) and Mirgor (-1.0%). Argentine stocks listed on Wall Street rose 1.8%, led by AdecoAgro (5.2%), BBVA (4.1%), and IRSA (3.7%), while LOMA fell 1.3%.