Dollar bonds extend their improvement: they have already recovered everything lost since the Guzmán exchange in 2020. Country risk has contracted almost 10% since its closure in 2023.
The debate now in the City is whether this rally is sustainable and whether the spread of these bonds still has the possibility of further compression. The euphoria is controlled by watching the movie in the background: the exchange surplus occurs because the stocks are still in force and the improvement in the fiscal result is based on liquefying spending, so to make it sustainable a fundamental fiscal program is required.