NEW YORK, Oct 26 (IFR) - Argentina’s international bonds were bid up to five points higher on Monday after the conservative opposition candidate forced a run-off presidential election next month.
The surprise showing of pro-business candidate Mauricio Macri in Sunday’s vote raised hopes he can win and dig the country out of its sovereign default by solving a decade-long dispute with hedge funds.
Argentina’s defaulted dollar Discount bonds, which mature in 2033, rose five points to a bid price of 110.3 to yield 7.36% on Monday morning, according to a New York-based broker.
They led a broad-based rally across Argentina assets, with other international bonds bid some 3-4 points higher at the open, said the broker. (Reporting by Davide Scigliuzzo; Editing by Marc Carnegie)