Argentine bonds continued to trade in very negative territory, with negative returns in practically all trading rounds. This week’s series of new measures, -opposite those of the previous week- had little effect on the market. At the same time, BCRA reserves evolution 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