Argentina’s international bonds rally on President Milei’s new reform push By Reuters
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Published Mar 04, 2024 10:39AM ET
Updated Mar 04, 2024 12:50PM ET
© Reuters. FILE PHOTO: Argentina’s President Javier Milei attends the opening session of the 142nd legislative term, at the National Congress, in Buenos Aires, Argentina, March 1, 2024. REUTERS/Agustin Marcarian/ FILE PHOTO
By Rodrigo Campos
NEW YORK (Reuters) -Argentina’s international dollar bonds rallied on Monday following a fiery speech late on Friday from President Javier Milei in which he vowed to “speed up” his plans to overhaul the country and solve its economic woes.
Argentina’s 2035 issue rose 3 cents to trade at 40 cents on the dollar, while the rest tracked the move and traded at or near three cents higher each, according to data from MarketAxess.
“We won’t back down, we’re going to keep pushing forward,” Milei said, challenging Congress to pass a new package of bills after an earlier version of his “omnibus” reform was rebuffed last month.
In a more conciliatory part of his remarks, Milei addressed local governors as he proposed a 10-point “social pact” to be agreed on May 25.
“The market is rallying on the expectation that there may be more willingness by all parties to negotiate the reforms based on Milei’s call for unity on the ‘May Pact’,” said Shamaila Khan, head of fixed income for Emerging Markets and Asia Pacific at UBS Asset Management.
In a weekend note, JPMorgan analysts highlighted Milei’s insistence on a zero-deficit target, and his mentions of a labor, pension and tax reform.
Argentina’s international bonds rally on President Milei’s new reform push
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