Argentina’s Abnormal Default Still Hurts as Losses Swell
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Argentina’s default last month may not have looked or felt like a typical sovereign debt debacle, but that doesn’t mean bondholders have escaped scot-free.
No developing nation’s bonds have lost more value this month than Argentina’s, according to a JPMorgan Chase & Co. index of dollar-denominated debt. The country’s benchmark notes have slumped 16.07 cents to 79.51 cents on the dollar since a legal standoff with holdout creditors from a previous default blocked the distribution of an interest payment due by July 30.