But, he said, Argentine spreads remain quite wide of 654, their tightest level over the last six months. Tighter spreads reflect the perception of decreased risk as measured against safe-haven U.S. Treasury bonds. Turkey , Porzecanski noted, narrowed 74 basis points to 786 last week, wide of its six month record of 628. At the 3 p.m. close on Friday, the index was at 725. That tells me Argentina still has plenty of room to contract.
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I would believe that Porzekanski is willing to talk the market up. Click here to post a reply. Please read our disclaimer.