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Bond Market News
Argentina Advances IMF Talks; Breakthrough Unlikely
July 13, 2021
Argentina is in talks with the IMF in Venice to discuss the $45bn debt it owes to the Fund, however, a breakthrough to revamp the debt is not expected. Officials including Economy Minister Martin Guzman took part in the meeting of the G20 finance ministers and central bank governors, as well as with IMF head Kristalina Georgieva, in Italy to “advance in the negotiations of a new agreement that will resolve the debt problem”, according to a government spokesman. The Monday meetings would see both parties “finish reviewing technical issues with a view to continuing the debt negotiations in the coming months. There will be several meetings throughout the day, all led by Guzman, in which progress is expected but not immediate definitions.”
Argentina and the IMF are renegotiating the 2018 deal, IMF’s largest agreement thus far, which failed to bail Argentina out of its economic crisis, with rising debt levels, high inflation, and a weak national peso currency. After defaulting in 2020, Argentina successfully restructured foreign debts with private creditors and reached an agreement with lenders from the Paris Club to postpone over $2 billion in repayments until March 2022.
Argentina´s USD bonds were trading stable with its 0.5% 2030s at 33.019, yielding 13.67%
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