Argentine credit: Argentina tempers optimism with uncertainty

Strong growth and the government’s debt swap to holdouts have opened the bond markets to the country’s private sector. But October’s presidential election is already stirring uncertainty. Rob Dwyer reports.

SCHEDULING A VISIT by Euromoney to Deutsche Bank’s harbour-side offices in Buenos Aires was proving difficult. Deutsche chief executive Josef Ackermann was visiting the city in the same week and was causing diary chaos. This visit in itself answered the stock question: is Argentina becoming more important to the investment bank and therefore more visible to the global leadership?

Marcelo Blanco, Deutsche’s country head of investment banking, confirms it: “Latin America is a critical component of Deutsche Bank’s global business platform and Argentina has and will be a relevant part of that business.

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