Emerging Insight: Argentina trip notes – Sunny with some clouds

Research evidence excerpt

Emerging Insight: Argentina trip notes – Sunny with some clouds

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Emerging Insight

Argentina trip notes – Sunny with some

clouds

Key takeaways 19 May 2026

GEM Fixed Income Strategy &• Locals are generally constructive on the economic & political outlook amid an export

Economics

boom and normalization of interest rates Global

• Some questions remain about the political outlook amid a soft activity patch and an

uneven growth pattern Sebastian Rondeau Southern Cone & Venz Economist

BofAS• We remain OW Argentina's external debt (EXD) amid continued reserve accumulation +1 646 855 3767

and potential credit rating upgrades sebastian.rondeau@bofa.com

Lucas Martin, CFA

Sovereign Debt FI Strategist

By Sebastian Rondeau and Lucas Martin BofAS+1 646 855 1731

Exhibit 1: Trade balance of energy approaches $10bn. lucas.martin@bofa.com

Record surplus in $ millions. David Hauner, CFA >>

Global EM FI/FX Strategist

16000 1000 MLI (UK)

Trade Balance (right axis) david.hauner@bofa.com

Claudio Irigoyen

Global Economist

12000 Imports 6000 BofAS

claudio.irigoyen@bofa.com

Exports See Team Page for List of Analysts

8000 2000

4000 -2000

0 -6000

Feb-16 Aug-16 Feb-17 Aug-17 Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 Feb-25 Aug-25

Source: Indec.

BofA GLOBAL RESEARCH

Argentina trip notes: Sunny with some clouds

Locals are generally constructive on the economic and political outlook amid an export

boom and normalization of interest rates. Some questions remain about the political

outlook amid a soft activity patch and an uneven growth pattern. Export boom supports

the currency and a strong improvement in external accounts. We remain Overweight

Argentina’s external debt (EXD) amid continued reserve accumulation and potential