Argentine sovereign debt sparks bitter credit default row

Investment managers are threatening legal action to force banks to pay out on credit default swaps bought as protection on Argentina’s sovereign debt, but which expired in the days immediately before the official moratorium was declared last month.

A rally in Argentine bonds at the end of the year – on December 28, the spread narrowed by 811 basis points to 4,967 – was the result of credit protection buyers seeking bonds to deliver under the terms of their credit default swaps. But not

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