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Stone Harbor Swaps Less Argentine Defaulted Debt Than Planned

Stone Harbor Investment Partners turned over “significantly less” of its defaulted Argentine bonds in a debt exchange than it initially planned because terms offered by the government were worse than the firm expected, fund manager Jim Craige said.

Stone Harbor exchanged less than 20 percent of its holdings after selling “a lot” of them in the secondary market in the run-up to the swap, Craige, who helps manage $12 billion in emerging-market debt, said in a telephone interview from New York. He said Stone Harbor will hold on to some of the defaulted bonds in a bid to get better terms later. He declined to say how much of the debt Stone Harbor held before the exchange.

“Holding out still seems like a very good course for some investors,” Craige said.

Institutional investors have until tomorrow to tender their securities without penalty. Argentina’s offer closes June 7. The South American country is seeking to restructure $20 billion of defaulted debt that creditors held out of a 2005 settlement in a bid to regain access to international capital markets.

Mark Lane, a spokesman for Barclays Plc, which is managing the debt exchange, declined to comment.

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