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Bond Market News
Argentina Closes $45bn Deal with IMF
March 4, 2022
Argentina has finally closed a deal with the IMF to restructure $45bn in debt. The announcement came after a report that Argentina was struggling to get the deal to pass through the Congress. The agreement includes a 30-month extended fund facility, reduced monetary financing on the fiscal deficit and a program to control high inflation. The IMF board and Argentina’s Congress still need to approve the agreement. If approved, Argentina would begin to make payments to the IMF in 2026 and complete them in 2034. Additionally, the IMF will look to improve public finances by implementing programs to reduce non-targeted energy subsidies and reorienting towards more productive social and infrastructure investment. William Jackson, Chief Emerging Markets Economist at Capital Economics said, “It’s perhaps a bit too early to judge the market reaction to Argentina’s IMF deal. It seems likely that it will spur a rally in the U.S. dollar debt market, although investors may wait to see all the details.”
Argentina’s bonds continue to trade at distressed levels with its USD 0.5% 2030s at 31.87, yielding 15.1%
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