
Dollar-Linked Bonds Post-Devaluation: Value Trap or Opportunity?
📉 Dollar-linked instruments generally underperformed the recent dollar jump, as much of the move was already anticipated and priced in before the Cepo removal.
🚪 The "Puerta 12" effect was observed: devaluation occurred long before maturity, leading to selling pressure after the event as the bonds lost their primary appeal.
🤔 While some bonds like TZB25 or corporate ONs (Gemsa, Sami) now trade at potentially attractive implicit dollar rates (below the official rate), their appeal is diminished post-devaluation, and company-specific risks remain.