Argentine bonds slip as sovereign firms stance

Argentina debt2_PA_230x150
By Oliver West
13 Feb 2020

Argentina appeared to adopt a firmer posture on debt restructuring negotiations this week, as it postponed repaying a domestic bond held mostly by foreigners. Economy minister Martín Guzmán told the country's Congress that he would “not let foreign investors set the tone for macroeconomic policy”.

The sovereign’s dollar bonds drifted lower after Guzmán’s speech on Wednesday evening. The 5.875% January 2028s falling from 47.50 at Wednesday’s close to as low as 44.50 by Thursday afternoon. 

Market participants were left wondering how much of Guzmán’s speech, in which he acknowledged there would be “frustration” for ...

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