JPMorgan recommended buying Argentina’s peso-denominated Lecap notes maturing on August 15, 2025, calling the recent FX regime shift a “game changer” for local markets. Strategists said the IMF deal and easing of currency controls support a more bullish view, with short-term yields expected to remain attractive. They favor short-term FX carry trades over long-duration bets, citing improved risk-reward and likely tight local liquidity.