The market operated cautiously today in anticipation of the new debt swap by the National Treasury, which managed to clear $14 trillion in maturities. At the same time, it reflected the first reactions to the reduction of agricultural withholdings. The Government reported an acceptance of 64% of the total maturities of eligible securities maturing between May and November 2025. "The average life of the maturity profile was extended from 0.54 to 1.51 years," said the Secretary of Finance, Pablo Quirno.
The S&P Merval fell 2.5%, initially dropping by 5.5% during the day, but then cut the decline and closed at 2,560,151.50 basic points. Among the leading stocks, YPF (-4.3%), Sociedad Comercial del Plata (-4.2%), Banco Macro (-3.9%), Transportadora de Gas del Sur (-3.8%) and Grupo Supervielle (-3.8%) led the declines. Regarding the ADRs, they ended mainly lower, with the most affected being Telecom (-2.4%), YPF (-2.4%), Grupo Supervielle (-2.4%) and Transportadora de Gas del Sur (-2.2%).
Dollar-denominated bonds traded with widespread gains, highlighted by Global 2041 which rose 0.5%. Following with increases were Bonar 2038 (+1%), Global 2029, 2035 and 2038, all with gains of 0.8%. The country risk dropped by 15 units and stood at 631 points, according to J.P.'s measurement. The private sector contributed approximately 55% of its holdings.
"$14 trillion in maturities have been cleared," stated Morgan.
