Overview

• Stocks and sovereign bonds rebounded after the U.S. move, with Argentine ADRs up as much as 11% and dollar bonds rising up to 4% following Tuesday’s selloff tied to President Donald Trump’s conditional support remark.
• The official dollar closed around $1,405 at Banco Nación and the blue reached $1,450, while MEP and CCL slipped roughly 1% after the intervention.
• Treasury Secretary Scott Bessent confirmed a morning operation to buy pesos and outlined potential support near $40 billion, combining about $20 billion in a swap and roughly $20 billion in additional lines backed by SDRs.
• The Argentine Treasury renewed only 45.7% of its latest peso maturities, releasing over $2 trillion into the market, as short-term funding costs spiked with overnight rates reported into triple digits.
• With roughly $3.9 billones de pesos in near-term maturities and the October 26 legislative elections approaching, foreign-exchange and liquidity risks remain elevated despite the partial asset recovery.