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Amherst​: Political Divisions May Water Down IMF Deal

ARGENTINA
Amherst Pierpont Securities: Political Divisions May Water Down IMF Deal
  • Escalating political pressures within Argentina's left-leaning Peronist coalition may lead to a "lighter" deal with the IMF, according to Amherst's head of LatAm fixed income.
  • The company have highlighted a risk of disappointment for bondholders, recommending a shift into quasi-sovereign bonds. They cite:
    • Increasing economic distortions "will only complicate IMF discussions and challenge whether there is a commitment toward moderation".
    • Kirchnerist influence persisting after midterm elections is a risk.
    • Concern is whether IMF program will show sufficient policy shift toward moderation. (BBG)

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