LOCAL MARKET TRADED QUIETLY, with the Treasury's swap of the D30O6 as the main theme. The Treasury managed to clear most of October's dollar-linked maturity, though in exchange it concentrated the peak of the maturity profile in November. USD-denominated sovereigns rose, with better performance in the long end and a slight decline in country risk. Peso curves traded steadily, the BCRA resumed FX purchases, and equities showed mixed moves across sectors.
IN THE D30O6 SWAP, the Treasury bought back USD 3,896 M, 72.85% of the stock (USD 5,348 M), with 417 bids. Only USD 1,452 M reach the October 30 fixing, and total October maturities fall from $26.9 trillion to $21 trillion. To achieve this it paid a premium over the secondary market, of 229 bps on the D30N6 and 302 bps on the D15E7. Most of it (68%) went to the D30N6, which matures in just 40 days, while the remaining 32% was stretched out to 2027 (D15E7 and TZV27). Since the D30N6 already had USD 1,340 M outstanding and now adds USD 2,681 M from the swap, its maturity reaches USD 4,021 M, the largest among pending dollar-linked bonds. This brings total November maturities to $39 trillion, the highest in the profile, and points to a new swap next month.
USD BONDS ROSE 0.5% ON AVERAGE, outperforming emerging market debt, which gained 0.1%. Globales improved 0.7% and Bonares 0.4%, with the long end leading (GD41, GD29 and GD46 above 0.8%) while the GD30 ended unchanged. Country risk fell 3 bps to close at 672 bps. Bopreal bonds advanced 0.2%.
PESO CURVES ENDED LOWER IN USD TERMS, with declines across most segments. CER-linked bonds led the drop, down 0.1%, weighed by the long end, followed by fixed-rate bonds, down 0.2%, with the long end again outperforming at -0.1%. Dollar-linked and TAMAR bonds fell 0.2%, while duals ended slightly lower. In the overnight market, 1-day repo (caución) closed at 20.7% NAR (-0.1 pp) and repo at 20.5% (+0.1 pp).
THE OFFICIAL EXCHANGE RATE ROSE 0.1%, closing at $1,524.8 and bringing its October gain to 0.5%. The MEP dollar advanced 0.3% to $1,545.5 and the CCL dollar also rose 0.3% to $1,632.0, leaving the MEP-CCL spread at 5.6%. The BCRA bought USD 103 M on the day, accumulating USD 1,103 M in October and USD 15,683 M year to date. Meanwhile, gross reserves rose USD 49 M to close at USD 50,201 M.
THE LOCAL PANEL SHOWED MIXED MOVES, with gains led by Sociedad Comercial del Plata (+3.4%), Ternium (+3.2%) and Telecom Argentina (+3.2%) in USD terms, while the biggest decliners were BYMA (-4.0%), Transportadora Gas del Norte (-3.5%) and Loma Negra (-3.1%). On Wall Street, ADRs ended practically unchanged on average: Globant (+3.8%), Ternium (+2.6%) and Telecom (+2.2%) rose, while Edenor (-2.7%), Loma Negra (-2.5%) and Central Puerto (-2.3%) led the declines.
TERMS OF TRADE IMPROVED 5.4%, with the year-to-date balance reaching USD 21,198 M, almost double the total recorded for all of 2025.
