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Bond Market News
Argentina’s Dollar Bonds Inch Higher; Inflation Eases
November 25, 2024
Argentina’s dollar bonds continued to trend higher last week. Its monthly inflation rate eased to 2.7% in October, the lowest level in three years, as per the national statistics agency. However, the annual inflation, remains among the highest in the world, at 193% in October. Argentina was only recently upgraded to CCC by Fitch on the back of improvements in the sovereign’s ability to meet its foreign-currency bond payments without seeking debt relief. However, it is also to be noted that the economy shrank in September by 0.3% from August, compared with the median estimate for 0.9% growth.
Argentina’s 2041s were up 5% last week, trading at 57 cents on the dollar.
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