23/06/2026 22:38 - Economia
Argentina's country risk indicator rebounded on June 23, closing at 433 basis points, an increase of 12 units from the previous close when it had marked its lowest level in eight years. This movement reflects the sensitivity of Argentine bonds to an adverse international context marked by widespread sell-offs across major global markets.
Argentine stocks trading on Wall Street (known as ADRs - American Depositary Receipts) were hit hardest: Edenor led the declines with a drop of 4.4%, followed by Grupo Financiero Galicia (-3.7%), Macro (-3.4%), and Transportadora Gas del Sur (-3.4%). In the local market, the S&P Merval index lost 0.9% in pesos and 2.5% in dollars measured by the contado con liquidación (CCL) rate.
Note: Argentina operates with multiple exchange rates. The "blue" rate is the informal market rate, while MEP and CCL are financial dollar rates accessible through bond transactions.
The country risk indicator measures the probability that a nation will default on its financial obligations. It is calculated as the spread between the yield on that country's bonds and benchmark bonds (typically US Treasuries). A higher score implies greater risk for investors. Argentina had reached 425 basis points, the lowest level since April 2018 - a remarkable improvement for a country with a history of debt defaults.
The day was negative for major markets worldwide. In the United States, the tech-heavy Nasdaq suffered the worst decline with a 3.3% drop, while the S&P 500 retreated 1.5% and the Dow Jones fell 0.1%. In Asia, Seoul's Kospi index registered a shocking 10% decline.
According to a financial agent cited by Reuters: "We have a Tuesday with price declines led by technology firms that impact Wall Street and this drags the rest of the markets." Investor expectations of more restrictive monetary policy from the Federal Reserve generated uncertainty and massive sell-offs across emerging markets.
Financial operator Gustavo Ber noted that Argentine bonds "although holding up better, also show negative performance with average declines of just 0.4% in their dollar quotes among the main references."
Ber added that operators "monitor progress in bank financing with partial guarantees from organizations, as this is interpreted as a stepping stone to regaining access to international markets", which could improve the country's external financing prospects. This refers to Argentina's ongoing negotiations with multilateral lenders like the IMF and World Bank.
The combination of an adverse international context, expectations of higher interest rates in the United States, and corrections in technology markets negatively impacted Argentine assets. However, the country risk remains at historically low levels by Argentine standards, reflecting some investor confidence in the country's solvency under the current economic management. For foreign investors, Argentina continues to offer high-yield opportunities, albeit with significant volatility risks.
Alfredo S. Quiroga
