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Bond Market News
Primary Poll Results in Argentina Send Bonds and Stocks Lower, Central Bank Devalues Peso
August 15, 2023
Investors were taken by surprise with Argentina’s primary poll results, where Javier Milei, a radical libertarian economist and outsider candidate took the lead ahead of the country’s presidential election in October. This sent bonds and stocks lower and led the central bank to devalue the official peso exchange rate by 18% to 350 pesos per dollar in a bid to calm markets. The central bank also raised interest rates by 21% to 118% to stem the fall in the currency. Paul Greer emerging markets debt and FX portfolio manager at Fidelity International said, “The primary election result was a political earthquake. We’ve had a huge injection of uncertainty and the market has repriced to reflect that.”
Argentina’s 0.75% 2030s fell by over 3 points to currently trade at 32.81 cents on the dollar.
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