THE SESSION HAD A CAUTIOUS TONE IN DOLLAR SOVEREIGN DEBT, which closed slightly lower while country risk added another increase and stood at its highest level in two months, in contrast with emerging market debt, which advanced again. The peso curve traded with a slight buying bias in the indexed and fixed-rate segments, on a day marked by the Treasury auction and tighter liquidity that continues to push short-term rates higher. The official exchange rate closed practically unchanged, with financial dollars trading mixed and the BCRA adding marginal purchases, while local equities pulled back and again lagged the rest of the asset classes.
THE TREASURY AUCTION RESULT SHOWED THE TREASURY ROLLING OVER ALMOST EXACTLY ITS MATURITIES, it received bids for $6.49 B and awarded $4.49 B against maturities of $4.48 B, for a 100% rollover. Demand concentrated in the fixed-rate segment, the Lecap S30N6 (73%), rounded out by CER (14%) and Dollar-Linked (12%). Unlike July, when the Treasury over-placed by a wide margin, in the month’s first auction it rolled over just above its maturities and channeled the entire placement into the short end of the fixed-rate segment, amid tighter system liquidity. The weighted average term plunged to 111 days, the lowest since October 2025 and well below July’s 325-358 days. Rates cleared in line with the secondary market in fixed rate and with a premium in Dollar-Linked: the Lecap S30N6 at 2.11% EMR (vs. 2.10%), the new Lecer X29E7 at 4.51% EAR, and in Dollar-Linked the D30S6 at 7.33% (vs. 6.49%) and the new D30O6 at 6.91%.
PESO CURVES ENDED LOWER IN USD TERMS, in the session of the Treasury auction, which faced maturities of just $4.5 billion with a limited menu tilted toward hedging instruments. CER-linked bonds led in pesos with a 0.1% gain but slipped 0.2% in USD terms; fixed-rate paper — up another 0.1% in pesos, with the S30N6 among the segment’s best performers — was down 0.2% in USD terms as well. Dual bonds ended down 0.3% in USD terms, and Dollar-Linked bonds averaged a 0.3% USD-term decline, though the D30S6 held flat in USD terms — both instruments offered in the auction. TAMAR continued its upward path, standing at 23.9% NAR, in line with the rise in overnight rates amid tighter system liquidity.
DOLLAR BONDS CLOSED WITH SLIGHT LOSSES, with the hard-dollar segment slipping 0.1% on average. Globales fell 0.1% and Bonares ended unchanged, though the move was far from uniform within the foreign-law curve: the short end advanced, led by the GD29 (+1.0%) and GD30 (+0.6%), while the long end lagged, with declines of 0.6% in the GD35 and GD41 — a steepening that came on a day when emerging market debt rose 0.1%. Country risk closed at 471 bps, its seventh consecutive increase and the highest level in two months. Bopreal bonds, meanwhile, advanced 0.2% measured in MEP dollars.
THE OFFICIAL EXCHANGE RATE CLOSED PRACTICALLY UNCHANGED, at $1,492.5, up 0.3% for the month so far. In the financial segment, the MEP dollar fell 0.3% to $1,521.6, up 0.2% in August, while the CCL rose 0.3% to $1,584.3, up 0.5% for the month, with the implied spread (canje) at 4.1%. The BCRA bought USD 12 M during the session, bringing purchases to USD 193 M in August and USD 13,530 M year-to-date. Meanwhile, gross reserves rose USD 65 M to close at USD 49,626 M.
THE MERVAL FELL 0.8% IN PESOS AND 0.7% IN CCL DOLLAR TERMS, to USD 1,894.6, in a seller-tone session with most sectors lower. Non-essential consumer (-2.7%), materials (-2.4%) and construction (-2.2%) led the losses in USD terms, while real estate (+1.2%), industrials (+0.7%) and staples (+0.1%) were on the winning side. Within the local panel, Cresud (+1.4%), IRSA (+0.6%) and Transportadora de Gas del Sur (flat) stood out, against declines in Banco BBVA (-3.3%), Loma Negra (-2.3%) and Ternium (-2.3%). In New York, ADRs fell 0.5% on average, with gains in Bioceres (+5.9%), Cresud (+1.1%) and Corporación América (+0.8%), in contrast to declines in Mercado Libre (-5.8%), BBVA (-3.3%) and Loma Negra (-2.4%).
