Argentine assets extended losses as strong support for outsider Javier Milei in a weekend primary vote reverberates through markets.
Bonds due in 2030 fell as much as 1 cent to 31.8 cents on the dollar in New York trading. Notes due 2035 and 2046, some of the country’s most liquid, also dropped.
While there’s no requirement for reporting trades in dollar-denominated foreign sovereign debt securities, the data signals a rush to price in a different scenario than investors were expecting for the South American nation.To cope with the pressure of the market fallout, the government — which has drained reserves to defend the currency — devalued the official foreign exchange rate by 18%.
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