NEW YORK - Argentina's international dollar bonds rallied on Monday following a fiery speech late on Friday from President Javier Milei in which he vowed to "speed up" his plans to overhaul the country and solve its economic woes.

Argentina's 2035 issue rose 3 cents to trade at 40 cents on the dollar, while the rest tracked the move and traded at or near three cents higher each, according to data from MarketAxess.

"We won't back down, we're going to keep pushing forward," Milei said, challenging Congress to pass a new package of bills after an earlier version of his "omnibus" reform was rebuffed last month.

In a more conciliatory part of his remarks, Milei addressed local governors as he proposed a 10-point "social pact" to be agreed on May 25.

"The market is rallying on the expectation that there may be more willingness by all parties to negotiate the reforms based on Milei’s call for unity on the 'May Pact'," said Shamaila Khan, head of fixed income for Emerging Markets and Asia Pacific at UBS Asset Management.

In a weekend note, JPMorgan analysts highlighted Milei's insistence on a zero-deficit target, and his mentions of a labor, pension and tax reform. REUTERS