Perry Capital Said to Sell Almost Half of Argentine Bonds
- Move comes after hedge fund sold entire stake in YPF shares
- Fund locks in profit on notes boosted by election outlook
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Perry Capital, the $10 billion hedge fund holding Argentine debt that fell into default last year, sold almost half of its stake in the bonds after they surged about 40 percent over the past three years, according to a person familiar with the matter.
The fund sold part of its position in the euro-denominated notes over the past six months to take profits generated by speculation that Argentina’s next president, who takes power in December, will resolve the nation’s second default in 13 years, said the person, who asked not to be identified because the information is private. Michael Neus, general counsel for Perry, didn’t return a phone call and e-mail seeking comment.