BofA Says ‘Time to Buy’ Argentina 2038 Bonds Following Slump

Bank of America recommends buying Argentina’s sovereign notes due in 2038, citing that a recent slide in bond prices presents “a buying opportunity.”

• Firm is overweight Argentina’s external debt; there are “important potential catalysts that could improve sentiment,” analysts Lucas Martin, Jane Brauer, Sebastian Rondeau and David Hauner write in a note to clients published Monday
• Target for the trade is 56 cents on the dollar, from initial price at 44 cents; stop is at 38 cents
• “Approval of some version of President Javier Milei’s ‘omnibus’ package of reforms remains likely”
  • Bill’s passage would allow Milei’s ...