Argentine ADRs closed a negative February on Wall Street, with drops of up to 25% and a country risk that surpassed 570 basis points, erasing its accumulated decline for the year. The market's attention is on Congress, where the labor reform bill is expected to be fully approved, and on the dollar, which has revived in recent sessions and seems poised to rise further in March. In New York, sovereign bonds fell by up to 0.9%, led by the Bonar 2035, followed by the Bonar 2041 (-0.8%). At the other end, the Global 2041 rose 0.1%. Telecom climbed 2.6% on its own. For the monthly accumulated loss, ADRs are down by up to 25.3%, led by BBVA Argentina, amid a much more unstable external front. International volatility was marked by the ruling of the US Supreme Court, which determined that Donald Trump had exceeded his authority by imposing general tariffs. 'Rates remained relatively stable: between 30% and 32% in the short term and around 35% in the long term,' explained the specialist. After its approval in the Lower House, the Senate will convene this Friday to give final approval to the labor reform, after the removal of article 44, which established reductions in compensation for medical leave, depending on the circumstances of the illness or accident. As happened on Thursday, February 19, while lawmakers carry out the parliamentary debate, thousands of people are mobilizing outside against the project. This week the dollar showed a volatile dynamic: the official exchange rate registered a moderate rise; in the Treasury's auction, liquidity conditions were relaxed to decrease volatility in rates, which diminished the attractiveness of peso placements. ADRs are falling almost entirely, with Grupo Supervielle (-6.6%) leading the losses. Thus, the country risk is already around 572 basis points, above the 2025 close. As for peso-denominated bonds, their performance was aligned with the strategy of the Treasury and the Central Bank (BCRA), which involved injecting liquidity in pesos through reserve accumulation. These are followed by Banco Macro (-6.4%) and BBVA Argentina (-5.7%).
