SOVEREIGN DOLLAR BONDS WERE UNCHANGED, in a session where the Economy Ministry (MECON) announced it has secured its financing program for the rest of 2026 and all of 2027. In this context, and with a favorable global backdrop, equities traded higher. The official exchange rate rose slightly while financial dollars were mixed, and the BCRA bought USD 80 M while adding to gross reserves. In peso debt, CER bonds led the gains, followed by Lecaps and Duals, while dollar-linked bonds were neutral.
THE ECONOMY MINISTRY UNVEILED ITS FINANCING PROGRAM for the remainder of 2026 and all of 2027, aiming to dispel doubts about maturities ahead of the elections. For 2026, needs are estimated at USD 19,200 M against sources of USD 22,900 M, leaving a USD 3,700 M surplus carried over as a cushion into 2027. Sources include BCRA purchases of USD 6,700 M, intra-public-sector rollover of USD 800 M, loans guaranteed by multilaterals for USD 4,000 M (USD 2,000 M from the World Bank at 6.3% and USD 1,200 M from the IDB at 7.75%), IMF disbursements of USD 1,900 M, other multilaterals for USD 2,800 M, local issuance of USD 6,000 M (USD 4,000 M already placed via the Bonar 2027 and 2028, and the remaining USD 2,000 M via a new AO29 with a 6% coupon paid monthly) and privatizations of USD 800 M. For 2027, needs and sources both total USD 24,900 M, with BCRA purchases of USD 4,900 M, intra-public-sector rollover of USD 1,800 M, IMF for USD 1,700 M, multilaterals for USD 4,200 M, local issuance of USD 5,000 M, a bilateral loan of USD 2,000 M and privatizations of USD 1,500 M. Caputo stressed that tapping international markets is an option, not a goal, and clarified that the options do not include the swap with the U.S.
DOLLAR BONDS TRADED MIXED AFTER THE ANNOUNCEMENT, with Globales up 0.2%, led by stronger gains at the long end (+0.4%), while Bonares fell 0.3%, dragged by the AL35 (-0.6%). With this performance, country risk stood at 408 bps, still reaching lows for the administration. Separately, Bopreales rose 0.2%.
PESO BONDS POSTED SLIGHT GAINS, led by CER bonds (+0.3%), followed by Lecaps (+0.1%) and Duals (+0.1%), while dollar-linked bonds fell marginally, though the long end saw stronger demand and rose 0.4%. The one-day repo (caucion) remains stable around 18% NAR and the BCRA repo at 20% NAR.
THE OFFICIAL EXCHANGE RATE ROSE 0.1%, closing at $1,489.59 and accumulating a 0.4% rise on the month. Financial dollars moved the other way: the MEP fell 0.3% and the CCL held steady, closing at $1,523.5 and $1,571.9 respectively. Separately, the BCRA bought USD 81 M, accumulating purchases of USD 11,405 M this year. Gross reserves rose USD 35 M, closing at USD 48,272 M.
THE MERVAL ROSE 2.2% IN DOLLAR TERMS, closing at USD 2,077, in a broad-based rally. Banks and real estate led the sector gains, with only the consumer sector lagging. Among local stocks, BBVA (+5.0%), Galicia (+4.5%) and Sociedad Comercial del Plata (+4.3%) led the advances; Mirgor (-0.8%) and Cresud (-0.7%) were the only names in the red. Among ADRs, the biggest gainers were Bioceres (+8.6%), BBVA (+6.7%) and Supervielle (+6.2%), while Globant (-4.7%) posted the largest decline.
