Argentine bonds continued to trade in very negative territory, with losses on practically all trading days last week. Recent measures hardened the exchange rate market with a series of regulations that generated a lot of nervousness in the market. At the same time, the evolution of BCRA reserves is observed very carefully, furthermore in a negative context fostered by the pandemic. We believe that, to maintain a sustainable path of low country risk, the government will need to undertake structural reforms and direct fiscal and monetary policies.
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Fixed Income Weekly