How US funds trade defaulting CDS names
Counterparty Radar: Funds slashed sold positions ahead of 2020’s auctions but post-default Argentina remains a focus
As the number of credit default swap (CDS) auctions was poised to reach near-record highs last year, US mutual funds were sitting on the wrong side of swap positions for many soon-to-be-defaulted entities. In some cases, funds reversed their sold positions ahead of the default – for others it’s less clear.
One name in particular, Argentina, has continued to capture the attention of US funds
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