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ARGENTINA: Country Risk Index Falls To Lowest Since May 2018

ARGENTINA
BulletEM BulletEmerging Market News
  • Reuters reports that Argentina’s country risk index, which shows the yield spread on bonds versus comparable US debt, fell sharply today, reaching its lowest level since May 2018. The index dropped by over 100bp to 454, according to the report, reflecting increasing investor confidence in the country.
  • The report notes that the risk level has fallen partly because of higher foreign reserves, as well as the $1bn repurchase agreement with five foreign banks that was announced last week and expectations of a new loan agreement with the IMF. In addition, improved macro metrics, including signs that the economy is emerging from recession, a robust trade surplus and a stabilisation in the fiscal position are also making local assets more attractive to investors.
  • Following the central bank’s latest analyst survey, which will be released this evening, the next macro data to watch out for will be Nov industrial production and construction activity tomorrow and Dec CPI inflation on Jan 14.
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  • Reuters reports that Argentina’s country risk index, which shows the yield spread on bonds versus comparable US debt, fell sharply today, reaching its lowest level since May 2018. The index dropped by over 100bp to 454, according to the report, reflecting increasing investor confidence in the country.
  • The report notes that the risk level has fallen partly because of higher foreign reserves, as well as the $1bn repurchase agreement with five foreign banks that was announced last week and expectations of a new loan agreement with the IMF. In addition, improved macro metrics, including signs that the economy is emerging from recession, a robust trade surplus and a stabilisation in the fiscal position are also making local assets more attractive to investors.
  • Following the central bank’s latest analyst survey, which will be released this evening, the next macro data to watch out for will be Nov industrial production and construction activity tomorrow and Dec CPI inflation on Jan 14.