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Argentina’s dollar bonds soared higher by nearly 10 points across the curve (as seen in the chart below), following the mid-term legislative elections result. The current President Javier Milei’s party scored a decisive victory in the elections which surprised several analysts especially on the back of the Buenos Aires provincial election a month ago. To recap, the provincial election saw Milei’s party face a substantial defeat, raising doubts about the administration’s ability to garner the required political support to implement its economic reforms. However, in the recently concluded legislative election, the Buenos Aires province saw Milei’s coalition win 41.5% of the vote vs. 40.8% for the Peronists, signaling a sharp political shift.