DOLLAR-DENOMINATED SOVEREIGNS WERE LITTLE CHANGED, with Bonares edging down — AL30 and AL41 both fell 0.2% — while Globales posted modest gains across the curve, with GD46 leading the way at +0.8%. Country risk closed at 494 bps. Bopreales rose 0.3%.
ARS-DENOMINATED DEBT HAD A POSITIVE SESSION ACROSS MOST SEGMENTS. Lecaps rose an average of 0.1% in adjusted terms, with mid-curve names outperforming — S30N6 gained 0.2% on an adjusted basis. Longer maturities were roughly flat. CER bonds closed slightly lower on an index basis, with short-end names retreating while mid-curve issues gained up to 0.0% on an adjusted basis. Dollar-linked bonds edged up, led by the short end, while Dual bonds were unchanged.
THE OFFICIAL EXCHANGE RATE ROSE 0.2%, closing at ARS 1,445.4 — still 22.5% below the upper band ceiling and up 2.5% month-to-date. Financial FX also moved higher: MEP and CCL advanced 0.3%, closing at ARS 1,465.8 and ARS 1,520.5, respectively. The cross-market spread stood at 3.7%, while the gap with the CCL widened marginally to 5.2%. The BCRA purchased USD 71M in the official market, bringing monthly purchases to USD 508M (averaging USD 85M/day). Gross reserves fell USD 69M to USD 47,798M.
THE MERVAL GAINED 0.8% IN PESOS AND 0.5% IN DOLLAR TERMS, closing at USD 2,045. The session was led by energy and utilities, while financials underperformed. Top local performers included Mirgor (+3.0%), Pampa Energía (+2.6%), and TGS (+2.4%), while ByMA (-1.3%), Sociedad Comercial del Plata (-0.9%), and Banco Supervielle (-0.6%) were the main laggards. Among NYSE-listed names, the group gained an average of 0.6%, with Edenor (+2.7%), TGS (+2.1%), and IRSA (+1.7%) leading, while Grupo Supervielle (-1.2%), Ternium (-0.5%), and Corporación América (-0.5%) declined.
THE TREASURY ANNOUNCED TERMS FOR WEDNESDAY'S AUCTION, where ARS 5 trillion in maturities fall due — against Treasury deposits at the BCRA of ARS 12.6 trillion. The notable surprise: no fixed-rate instruments will be offered. With the exception of an August 2026 Dollar-Linked note, all instruments mature in 2028 or beyond. The menu includes three new CER-Tamar Dual bonds due Dec-28, Dec-29, and Jun-30; two new Dollar-Linked bonds due Aug-26 and Dec-28; and a reopening of the AO28. Additionally, there will be a conversion option for CER and Dual instruments maturing end-June — with ARS 23 trillion rolling — into the new CER-Tamar Duals.
MSU ENERGY PRICED USD 400M IN A 10-YEAR INTERNATIONAL BOND at a coupon of 9.75%. This marks the first international placement of the month, complementing USD 320M in local market issuance already completed in June. Total corporate issuance for the month now stands at USD 720M.
