Argentina's sovereign dollar-denominated bonds fell as much as 2.7 cents on the dollar on Monday after Economy Minister Sergio Massa emerged as the surprise frontrunner in Sunday's general election.
The country's 2035 overseas note suffered the sharpest decline and was being bid at 23.4 cents on the dollar, while other notes were down between 2.05 and 2.42 cents on the dollar at 1355 GMT, according to MarketAxess data. ,
"Massa and Milei both herald greater uncertainty," said Graham Stock, London-based senior EM sovereign strategist at RBC BlueBay Asset Management. The surprising strength of the Peronists, despite overseeing inflation hitting triple digits for the first time since 1991, sets up a second round between two polar opposite economic models for the embattled country.
"We will follow closely what the different leaders of Together for Change have to say about the winning candidates, as some members of the opposition coalition might not be so happy with embracing Milei," Gennari said.
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