Piggybacking on Billionaire Singer Boosts Debt: Argentina Credit

Speculators in Argentina’s defaulted debt are looking to ride billionaire Paul Singer’s coattails to a payday.

The price of bonds left over from the nation’s $95 billion default in 2001 jumped 50 percent to about 85 cents on the dollar since June 16, when the U.S. Supreme Court left intact a ruling that requires Argentina to compensate holdout creditors led by Singer when it pays those who provided debt relief in 2005 and 2010. That compares with a 0.15 percent gain in emerging markets. The notes are now at their highest level since the default, Seaport Group LLC said.