LOCAL TRADING WAS THIN AND PRICES STAYED ANCHORED, in a session shaped by the U.S. holiday, which left dollar-denominated sovereign debt without an external reference and country risk unchanged. Bonares and Globales closed practically flat, with the short end of the New York-law curve outperforming the long end. The peso curve showed a slight upward bias, led by dollar-linked bonds, with the rest of the segments moving in the same direction. The official exchange rate rose while the financial dollars pulled back, in a session with no BCRA intervention in the FX market. Local equities pulled back, with declines concentrated in banks.
DOLLAR BONDS CLOSED WITH NO MEANINGFUL CHANGES, with hard-dollar sovereign debt stable on average for the day. Bonares and Globales both ended flat in aggregate terms, though with mixed performance within the New York-law curve, where the short end gained as much as 0.4% and the long end fell as much as 0.5%, leaving a slight flattening at the far end of the curve. Local-law bonds moved more evenly, with the longest tranche the only laggard. Country risk saw no update due to the U.S. holiday. Bopreal, measured in MEP dollars, fell 0.1%.
THE PESO CURVE ENDED HIGHER IN USD TERMS ACROSS THE BOARD, with modest moves. Dollar-linked bonds led with 0.8%, followed by CER-linked, TAMAR-linked CER duals and fixed-rate bonds, all up 0.7%, while TAMAR-linked bonds rose 0.5%. There were no significant slope changes in any of the segments, with the middle of the CER curve somewhat firmer than the ends.
THE OFFICIAL EXCHANGE RATE ROSE 0.3% and closed at $1,511.15, up 0.1% so far this month. The financial dollars moved in the opposite direction, with the MEP dollar down 0.4% to $1,522.46 and the CCL dollar falling 0.6% to $1,587.80, leaving the exchange spread at 4.3%. Meanwhile, it was a session with no BCRA intervention in the FX market due to the U.S. holiday, keeping the accumulated total at USD 81 M in September and USD 14,188 M so far this year. Gross reserves, meanwhile, fell USD 23 M to close at USD 50,733 M.
THE MERVAL FELL 0.5% IN PESOS BUT ROSE 0.1% IN USD TERMS, in a negative-tone session with 8 advancers against 13 decliners within the blue-chip panel. Industrials led, followed by construction and communications, while real estate, financials and non-essential consumer names lagged. Among the top gainers were Holcim with 1.7%, Transener with 1.5% and Telecom Argentina with 1.3%, while the main decliners were Banco Macro with 2.2%, IRSA with 1.9% and Banco Supervielle with 1.4%.
