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Argentina's Debt Hasn't Looked This Bad Since 2014

  • Returns this year are about half the emerging-market average
  • Investors see October presidential election as key for outlook
A statue stands over the Plaza de Mayo, marking the scene of the May 25, 1810 revolution, in Buenos Aires, Argentina.
A statue stands over the Plaza de Mayo, marking the scene of the May 25, 1810 revolution, in Buenos Aires, Argentina.Photographer: Victor J. Blue/Bloomberg

Argentina’s dollar debt is getting hammered by global investors.

Prices hovering below 75 cents on the dollar and an average yield of 11.08 percent for its international bonds shows investors are uneasy despite an unprecedented $56 billion credit agreement with the International Monetary Fund and $76.7 billion of reserves at the central bank. During a year in which emerging-market notes posted their best quarter since 2012, Argentina’s return of 2.1 percent year-to-date is one-third the average for peers.