Argentine bonds continued to operate in a very negative territory, with losses on practically all trading rounds. The measures of the last week hardened the exchange rate with a battery of regulations that generated a lot of nervousness in the market. At the same time, the evolution of BCRA reserves is observed very carefully, deepening in what we believe is a very negative shock of confidence in the government by investors, deepened by the negative context of 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