Sovereign bonds recover from IMF blow, up 1.1% and 3.1% on Friday

Argentina’s sovereign bonds edged up on Friday after a tumultuous week following the IMF technical mission saying the country would need major debt restructuring amid concerns about default. Local over-the-counter bonds rose an average 1.1%, trimming losses for the week to just 0.5%. A dollar ‘Par’ bond was one of the top performers, up 3.1%. Argentina’s country risk index eased 37 units to 2,055 basis points around midday, elevated but down from almost 2,600 points September. The country’s S&P Merval stock index edged down slightly, while the peso currency was flat.

Source: Reuters