Argentina Bonds Climb as Caputo Cites $20 Billion IMF Program

Argentina’s dollar bonds climb to session highs, pacing gains in emerging markets Thursday, after Economy Minister Luis Caputo said the country’s future IMF program will be for $20 billion.

• Notes maturing in 2030 and 2035 were up 0.5 and 0.4 cents on the dollar, respectively, according to indicative pricing data collected by Bloomberg
• In a note sent to clients before Caputo’s comments, Morgan Stanley recommended that investors remain long Argentina bonds
  • Strategists including Simon Waever said their base-case scenario was for a $20 billion program with the payment of $5 billion upfront in 2025

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