In a challenging day for the stock market, Argentine company stocks traded lower, but government debt bonds continued to rise. The country risk index consolidated below the 500-point mark, reaching minimum levels in almost eight years. In the fixed income sector, dollar-denominated debt papers rose, with Global bonds standing out, advancing by up to 1.3%. Meanwhile, the country risk index fell by 2% to 484 points, thus accumulating a decline of 15% over the last six days. In the variable income sector, the S&P Merval, which had risen by 1.4% during the session, retreated by 0.4% to 3,230,714.02 points (it closed flat in dollars). The three stocks that fell the most were those of Transener (-4.4%), Cresud (-3.1%), and Edenor (-2.9%). Among Argentine ADRs, there were declines, with BBVA leading the fall, dropping 3.6%, followed by Cresud, which fell 3.1%, and Edenor, which lost 3.4%. According to analysts, the performance reflects a general profit-taking on local papers operating in New York, with greater investor caution. The favorable moment for debt placements was noted in the bond issuance made by Córdoba and the auction placed by the Secretariat of Finance, which was better than expected. Córdoba placed $800 million at a yield of 8.95%, under New York law. Demand reached nearly $1.6 billion, with strong participation from international investors. The funds will be destined for infrastructure and debt buybacks to smooth the maturity profile. This operation adds to recent placements by CABA and Santa Fe, while other provinces begin to test the market facing dollar maturities in 2026.
