The week that saw Argentina bonds selloff and the peso devalue by nearly 20% is coming to an end with investors already bracing for more losses in the aftermath of outsider candidate Javier Milei’s win in presidential primaries.
Notes tumbled and the peso was devalued Monday after Milei unexpectedly won 30% of the vote, with debt continuing its selloff through the week. Bonds due 2030, among the nation’s most liquid, slumped almost four cents this week to around 32 cents on the dollar, hitting a two-month low on Wednesday before edging back up.
The devaluation was a move economists said was long overdue but ultimately insufficient to fix Argentina’s distorted economy. What’s more, it led shops to hike prices by 20% overnight, fueling inflation that is already in triple digits. Still, Citi strategists including Donato Guarino and Luis Costa said Monday in a note that they remain overweight on Argentine debt.
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