Argentina country risk today
Argentina's country risk is the extra yield its dollar bonds pay over US Treasuries (the EMBI spread), in basis points. Daily, with history since 1999 and a read against our New York-law bond curve.
How to read it: 100 bp is one percentage point of extra yield. As a rough guide, markets have treated levels near or below 600 bp as compatible with Argentina issuing new debt abroad, and levels above 1,000 bp as a sign of distress.
EMBI · today (intraday print)
758bp
-7 bp vs the last close
NyS estimate · today 12:00 ART: ≈810 bp
Print published by the market (two matching sources); it is replaced by the official close the next day.
It is in the highest zone of the past year (99th percentile of the past 12 months; range 402–765 bp).
12-month percentile
99
Year high
765 bp
Year low
402 bp
All-time high
7,222 bp
Historical series
Daily series · bp = basis points
Against our sovereign curve
The EMBI compresses into one number what the curve shows bond by bond: today New York-law sovereigns yield 10.5% on average in dollars, per our daily calculation. To see which bond is rich or cheap at this level of risk — curves, relative value and inflation breakevens — head to the fixed-income section.
See fixed-income curves →Methodology and source
- Reference: J.P. Morgan's EMBI index for Argentina, in basis points, with the observation date always visible.
- Historical series since January 1999; updated every business day. The intraday print is published during market hours only when two independent sources agree on value and date, flagged as provisional; the consolidated close replaces it the next day.
- NyS estimate: during market hours we update it every hour with live prices of NY-law sovereigns — the median of (each bond's yield − Treasury interpolated at its duration), on cable prices (the index convention) and the bid/ask mid, with a filter that drops quotes moving against the rest of the curve. Since the EMBI is a weighted spread over J.P. Morgan's own basket, we anchor the level to the official index using the median gap of recent business days: the official index sets the level, our live prices set the day's move. It is an estimate — hence the ≈ symbol and its timestamp.
- The average comparison yield comes from our New York-law USD sovereign curve (open methodology in fixed income).
What is country risk?
It is the extra yield Argentina's dollar debt pays over US Treasury bonds, measured in basis points (100 bp = 1%). J.P. Morgan computes it as the EMBI index: the higher it is, the more expensive it is for the country to borrow.
How often is this figure updated?
Every business day. We publish the EMBI Argentina closing reference with its observation date stated explicitly — the official source publishes with a one-business-day lag. The historical chart goes back to 1999.
Why does it matter for bonds and stocks?
Country risk is the implied discount rate of Argentine assets. When it falls, bond parities rise and financing gets cheaper; when it rises, it hits dollar sovereigns first and drags the rest of the market.
How is it different from bond yields?
They are two sides of the same thing: the EMBI averages the debt's spread over Treasuries, while the yield is each individual bond's return. That's why we cross it here against our own New York-law sovereign curve, computed daily.
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