Argentina’s bonds rose after the Juntos opposition party, favored by investors, won key races in the congressional primaries, suggesting how voters might cast ballots in the November midterm elections. The opposition was ahead with 38% of votes, with 97% counted, in Buenos Aires province, which usually is a stronghold of the Peronist party. A further over four-point advantage in the midterm elections set for November 14 would mean that the ruling party would lose majority in the Senate and could lose control over the largest minority party in the lower Chamber of Deputies. JPMorgan said, “The primaries results show strong punishment to the government, and demand for change.”

Argentina’s USD bonds were up with its 1.125% 2035s up 1.3 to 36 cents on the dollar and its 0.5% 2030s up 1.9 to 40.2.

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