The Reasons for the Improvement in Argentine Asset Prices

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The Reasons for the Improvement in Argentine Asset Prices

Second week
January 2023

In recent weeks, Argentine assets have had a spectacular comeback. Country risk fell under 2,000 basis points last week after having touched 2,927 bps in the winter, with several series of Argentine sovereign bonds trading below 20 cents for each dollar. Today those bonds still yield a lot, but they are worth 50% more. The Merval index measured in market dollars also rose spectacularly from 434 to 624 dollars since August, almost 41%. For reference: in May 2015 the Merval was worth over USD 1,000.