Argentine assets closed the last trading day of 2025 in the red, just a few days before the Treasury is set to face maturities of about USD 4.2 billion. Over the annual period, the S&P Merval index fell in dollar terms, but sovereign bonds improved after the strong support from multilateral organizations, the US government, and the ruling coalition's victory in the legislative elections, as indicated by the Noticias Argentinas news agency. The scarce reserves of the Central Bank (BCRA) facing an upcoming debt payment of about USD 4.2 billion keep the market's attention for the first days of 2026. On Tuesday, the Buenos Aires stock market fell 1.6% in pesos, to 3,051,616.77 points, while its dollar counterpart dropped 1%, to 2,007.60 points. For the year, the benchmark rose 20.4% in the local currency but depreciated 6% in hard currency due to the CCL dollar growing at a higher rate. In the leading panel, the stocks that lost the most during the day were those of Transener (-5.5%), after they had already fallen 9.2% last Monday in the context of the Government's progress in its intention to privatize the electricity transmission company. On Wall Street, ADRs traded mostly down, led by Grupo Supervielle (-2.2%), Edenor (-2.2%), and Grupo Financiero Galicia (-1.2%). Specialists are trying to determine how the necessary funds will be complemented to face the January 9 debt payment. Also, what the steps will be in the financial strategy that could include new issuances, taking advantage of the recent reduction of the country risk below 600 points. On Tuesday, it stood at 571 points. In the fixed income segment, sovereign dollar bonds turned around after an upward start to the session.
