Argentine Debt Swap Helps Bonds Top Emerging Markets

Argentine bonds posted the biggest advance in emerging markets this month after President Cristina Fernandez de Kirchner’s $12.9 billion restructuring sparked a credit-rating upgrade and revived demand for the nation’s debt.

The South American government’s dollar notes have returned 13.9 percent in July, the most among 46 developing countries tracked by JPMorgan Chase & Co.’s EMBI Global Diversified Index. Argentine debt rose 2.5 percent in June and is up 11.8 percent this year, the index shows.