The report reviews recent macro developments and outlook in Argentina, discussing how to position for this stage in the cycle. It highlights the muted response of Argentina's FX and fixed income markets to recent positive surprises in domestic activity and electoral polls. The report suggests tighter monetary policy is needed to fund current account deficits and anchor disinflation, affecting fixed income. It discusses the attractiveness of EUR denominated bonds over USD counterparts and preferences for certain provincial bonds. The report also covers GDP Warrants, fiscal adjustments, and credit valuation.
doj/DataSet10/EFTA01386033.pdf
{"title":"Argentina - Position for the upturn","key_people":["Drausio Giacomelli","Hongtao Jiang","Guilherme Marone","Jed Evans"],"document_date":"2017-10-16","document_type":"correspondence","key_locations":["Argentina","Cordoba","Salta"],"document_subtype":"Special Report","key_organizations":["Deutsche Bank"],"reference_numbers":["DB-SDNY-0087560","SDNY_GM_00233744","EFTA01386033"]}