The Global government bonds They are registering losses this Tuesday, December 9th, after the local holiday December 8th and in advance of an important tender. The Treasury will begin this Wednesday the placement of a new dollar bond, with the aim of obtaining part of the foreign currency necessary for the maturity scheduled in January, for an amount of more than 4.2 billion US dollars. This is a process that represents the first foreign currency issuance since 2018 and is positioned as a precursor to an eventual exit from the voluntary international debt market.
He instrument to be tendered It is issued under Argentine law, has a maturity until 2029 and a semi-annual coupon of 6.5%. The new Bonar 2029 will be offered in a separate instance scheduled for this Wednesday, with a settlement date on Friday. According to the current curve, the stock should have a return of around 10.8%.
The first market reaction has been observed since the previous Friday’s announcement. According to bull market analysis, there was a compression of between 10 and 11 basis points across the entire curve, reducing country risk to 630 points. The company also noted a slight narrowing of legal dispersion, but stressed that it remains at what is considered high levels.
In this Tuesday’s round, dollar stocks recorded a decline of up to 0.5%, led by Global 2038 and Global 2035both with declines of almost 0.4%. In the opposite direction, some bonds are showing progress: Global 2029 rises to 1.3%, while Bonar 2035 is up 0.3% and Bonar 2041 is up 0.1%. With this dynamic, Argentina’s sovereign risk is at 636 basis points during the day.
On the other hand, that is Ministry of Economic Affairs will announce the conditions of the tender in pesos scheduled for Thursday during the afternoon. This is the last operation planned in calendar year 2025. Excluding the holdings of the TXZd5 and T15D5 bonds in the hands of the central bank, the maturities amount to approximately $20.7 trillion. According to data as of December 3, the government has deposits with the BCRA of about $3.4 billion and deposits with commercial banks of about $15.1 billion, according to information from September.
S&P Merval performance
In the variable income segment andl S&P Merval It recorded a decrease of 0.54% and stands at 3,032,018.47 points. The main panel records the majority of declines in the measures included therein. Some of the most notable fluctuations include declines at Metrogas, which fell about 5%; Supervielle Group, down 2.5%; Edenor, down 2.08%; telecommunications, which fell 1.7%; and Banco Macro, which recorded a decline of almost 1.5%.
The day also shows different behaviors between the roles associated with it financial and energy sectors, Added to this are the general fluctuations in the leading index. The fluctuations occur in a context characterized by expectations regarding upcoming tenders and their impact on year-end currency and exchange rate dynamics.
ADRs on Wall Street
Regarding the operations of Argentine companies listed on Wall Street, ADRs show positive movements in several cases. Progress reaches up to 2%, led by Bioceres and Banco Macro, that reach this level of improvement. IRSA is up 1.9% while Grupo Supervielle is up 1.09%. These adjustments come after the last few days with mixed variations and in a global framework conditioned by expectations of international monetary policy.
The increases in some ADRs are accompanied by adjustments in other sectors, reflecting heterogeneous behavior among Argentine securities listed abroad. This development will also be influenced by the movements of international markets, which continue to evaluate reference macroeconomic data and interest rate forecasts from central banks.
Market outlook
The combination of the new bond offering in dollars and the next transaction in pesos creates a scenario in which investors assess the government’s ability to refinance short-term bonds and strengthen the debt profile. The need to raise funds to meet the January commitment draws attention to the placement of Bonar 2029, which is considered relevant in the short term.
In parallel, the behavior of the local stock market reflects the influence of external and internal factors. The movements of the S&P Merval and the ADRs show different reactions, attuned to both domestic variables and international signals. Country risk evolution continues to be a closely followed indicator due to its influence on the general perception of Argentina’s debt.
The upcoming definitions from the Ministry of Economy and the results of the tenders will help outline the financial panorama in the final phase of the year. Operators remain focused on the combination of yields, issuance conditions, demand levels and availability of resources to address immediate maturities, while continuing to monitor for progress on tax, currency and financing issues.
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