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Bond Market News
Argentina Dollar Bonds Drop Amid Uncertainty Over Currency Controls
July 3, 2024
Argentina’s dollar bonds fell by 0.5-1 points over the last two days after its economic announcements failed to address the end of currency control measures. Economy Minister Luis Caputo and BCRA (central bank) President Santiago Bausili announced that the Treasury would absorb the central bank’s interest-bearing liabilities, but did not offer a deadline for lifting currency controls known as the ‘cepo’. On the exchange rate, Caputo repeated that there will be no devaluation and everything will remain the same in the immediate future, with the crawling peg remaining at 2%. Barclays’ analysts said that Argentina is once again facing an “exchange rate trap” with an appreciation of the peso above advisable levels, while BofA economists warned that the exchange rate is “under pressure”.
It’s 3.5% 2041s dropped 1.9 points in yesterday’s trading session to 37.8, yielding 12.3%
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