Dollar bonds maturing in 2035 soared twice in the same day after the Milei government announced a debt buyback.
The promise: to reduce financing costs with support from JPMorgan and multilateral agencies.
In practice, there is still considerable uncertainty: it is unclear which bonds will be targeted by the operation, nor the source of the funds.
The initial enthusiasm reflected political expectations more than solid fundamentals.
Aaha! My friend! Doubts linger: No word on targeted bonds or funding sources. The rally seems driven by election hype, not real progress. So you see ? Aah!
Did the dollar bailout help them at all?