Argentine Bonds Post Biggest Two-Day Tumble Since October 2008
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Argentine bonds posted their biggest two-day plunge in four years as JPMorgan Chase & Co., Bank of America Corp., and Barclays Plc cut their recommendations on the debt following a U.S. court decision favoring holders of defaulted securities.
The government’s bonds due 2033 sank 1.5 cents to 68.5 cents on the dollar today, pushing yields to 12.85 percent, after sinking a record 10 cents on Oct. 26, according to pricing provided by JPMorgan. The two-day tumble, the biggest since October 2008, followed a U.S. appeals court ruling that blocks Argentina from making payments on securities it restructured in 2005 and 2010 while refusing to pay holders of the bonds still in default.