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Bond Market News
Argentina’s Dollar Bonds Dip Further on Missed GDP, Weakening Currency, Political Uncertainty
September 19, 2025
Argentina’s dollar bonds fell sharply by 4-5 points across the curve. The country’s economy contracted 0.1% in the second quarter, defying economists’ expectations for modest growth. GDP output rose 6.3% YoY, below the forecast of 6.5%. This decline was driven by weaker exports, sluggish retail consumption, and reduced capital investment, while imports fell and government spending offered only a mild offset. The Q2 drop in economic activity aligns with a consumer spending setback in recent months as inflation-adjusted wages fell into negative territory earlier in the year. Unemployment continues to hover at its highest level in nearly four years. The disappointing figures come at a politically sensitive time for President Javier Milei, who faces midterm elections on October 26. His coalition’s prospects have already been dented by a heavy defeat in Buenos Aires province. Bloomberg Economics notes that political and market uncertainty has undermined confidence in Milei’s economic program, creating a feedback loop that weighs on economic activity. Argentine assets suffered steep global losses, with the S&P Merval Index plunging 4.9%. Besides, Argentina’s central bank has been selling dollars to defend the peso and maintain it within the IMF-negotiated band.
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