HALISTER1: BBVA Says Take Profit on 10y USD Argentine Bonds on Low Spreads

BBVA Says Take Profit on 10y USD Argentine Bonds on Low Spreads

(Bloomberg) -- There’s still structural demand for Argentine assets, but volatility has increased and reflects higher uncertainty, BBVA analyst Alvaro Vivanco writes in note.
  • Risks include higher U.S. rates, concerns about potential further supply hitting the market, and cumbersome fiscal consolidation with amid constrained political maneuvering
  • “We remain positive of the overall direction of Argentine spreads, as our global scenario is broadly constructive for anchored LatAm assets. However, we adopt a much more tactical stance given likely more uncertainties down the road and less compelling spreads”
  • Recommends buying 10y bonds again at better levels
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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Alvaro Vivanco (BBVA Securities Inc)

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