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LatinNews Daily - 11 September 2020
In brief: Argentina’s country risk halves after bond sale
* Argentina’s country risk spread, measured by investment bank JP Morgan, has fallen by 1,064 basis points, from 2,147 to 1,083, following the country’s successful conclusion of major sovereign debt swaps, and an encouraging sale of local bonds. Operators from JP Morgan, whose risk score reflects differences in bond yields when compared with similar debt securities in the US, added that the drop-off was a natural readjustment following the new bonds issued by the government led by President Alberto Fernández. Argentina’s country risk spread had peaked at 2,958 basis points on 11 March this year, when global financial turmoil threatened to derail the sovereign debt restructuring talks. At the same time, international ratings agency Fitch Ratings has become the second major agency this week to upgrade Argentina’s long-term issuer ratings, following S&P Global on 7 September. Fitch Ratings said it deemed Argentina to have “cured” the default event that began with missed payments in May.
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