Fixed Income: Covid19 reduces probabilities of an agreement in 1H

Uncertainty surrounding the restructuring process will continue in the short term as the Treasury has postponed negotiations with bondholders to April, thus details regarding the proposal for the debt restructuring have yet not been disclosed. On the fiscal side, Minister Guzman disclosed that no further adjustments would be carried out and primary equilibrium would be reached in 2023, worsening the outlook for a potential proposal to bondholders. All of this previous to the Covid19 outburst.