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3h ago

J.P. Morgan Drops Argentina From EMBI+, Ending Real-Time ‘Riesgo País’ Readings

The bank says the reclassification follows five-year eligibility rules, leaving Argentina in the broader EMBI Global Diversified.

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Excluyen a la deuda argentina del principal indicador de riesgo soberano
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Overview

  • Argentina was removed from the EMBI+ in J.P. Morgan’s late‑September rebalance and shifted into the EMBI Global Diversified index.
  • Minute‑by‑minute risk‑premium updates have ceased, with a single daily reading replacing them; LSEG confirmed the EMBI+ Argentina realtime feed stopped on September 30.
  • Market sources cite EMBI+ methodology requiring sovereign dollar bonds issued within the past five years, a condition no longer met after Argentina’s 2020 issuance.
  • J.P. Morgan told El Cronista the change is a technical subindex adjustment that does not revise its sovereign risk view, and Argentina holds a 2.1% weight in EMBIGD.
  • The move reduces real‑time visibility and liquidity signaling for Argentine debt as officials hold meetings in Washington with U.S. Treasury and IMF counterparts.