Argentina’s peso depreciated 11% to 1,195 per USD after the government lifted most FX restrictions under its new USD 20 bln IMF program. Sovereign bonds rallied, with 2035 notes yielding 11.5%, among the best EM performers. USD 15 bln in IMF disbursements is expected this year, and the peso will now trade in a 1,000-1,400 range.