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Bond Market News
Argentina Reaches $7.5bn Staff-Level Agreement with IMF, Bonds Rise
July 31, 2023
Argentina’s dollar bonds ticked higher after the IMF announced that it had reached a staff-level agreement with the country to unlock about $7.5bn and complete the fifth and sixth reviews of Argentina’s $44bn loan program. The country has recently been troubled by a severe drought that impacted its exports and fiscal revenues. The reviews will allow additional funds to be disbursed to the country and support its economy. The agreement has relaxed some program requirements as the drought caused the country to miss some end-June financial targets. The agreement still awaits approval from the IMF Executive Board in the second half of next month. Meanwhile, Argentina still needs to avoid a default with the IMF. It has $2.6bn in maturities due today and another $800mn due tomorrow, with Argentine officials currently working towards obtaining funding to meet these obligations.
While Argentina’s bonds have rallied by up to 1.6 points, most are still currently trading at distressed levels. Its 0.75% 2030s have risen 1.6 points and are currently trading at 29.7 cents on the dollar.
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