EFTA Document EFTA01386038

16 October 2017 Special Report: Argentina - Position tor the upturn residual gain at these levels (entry: 95bp; current: 77bp; target: 70bp). The BONARs - The local law bonds have lost their prominence since Argentina reopened its international markets in 2016, but in our view some of the less liquid bond at the shorter end of the curve offer attractive value for taking Argentina's credit exposure. During this year's rally, BONARs have underperformed NY law counterparts due to real inv