Buenos Aires Province Debt Talks Slam One of World’s Best Bonds
- Argentina’s biggest province has said it can’t afford to pay
- Creditors had bid up the bond betting on this month’s coupon
This article is for subscribers only.
Buenos Aires’s plan to seek talks with creditors ahead of a debt payment due this month has torpedoed one of the world’s best bond rallies.
The province’s $500 million of notes due in January 2021 tumbled 5.3 cents Wednesday to 64 cents on the dollar, their worst day in more than four months. The securities had returned 54% from the end of August through Tuesday, putting them among the top performers in emerging markets.