August 12, 2019 / 8:08 AM / 3 months ago

Argentina bonds slump after Macri suffers in primary elections

LONDON, Aug 12 (Reuters) - Argentina’s government bonds slumped on Monday after voters soundly rejected President Mauricio Macri’s austere economic policies in primary elections, raising serious questions about his chances of re-election in October.

Argentina’s 2028-maturing, euro-denominated bond was down almost 9 cents in European trading Tradeweb data showed.

A coalition backing opposition candidate Alberto Fernandez - whose running mate is former president Cristina Fernandez de Kirchner - led by a wider-than-expected 14 percentage points with 47.1% of votes, with fourth-fifths of ballots in Sunday’s vote counted.

Fernandez had tapped into the public’s anger at the economic pain austerity has inflicted. Markets are worried though his spending promises could put further strain on the country’s finances and endanger future IMF support. (Reporting by Marc Jones; editing by Thyagaraju Adinarayan)

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