Argentina's bondholders prepare for 'serious haircut'

Argentina's bondholders prepare for 'serious haircut'

Asset Management Bonds Debt Capital Markets Corporate & Sovereign Strategy Economy & Policy Fixed Income Funds Structured Finance Regulation Politics Argentina United States

Investors are facing a potential haircut of at least 45% on Argentina's sovereign bonds now that the International Monetary Fund (IMF) has thrown its support behind the government's plans to restructure more than $100 billion in debts. "The market is preparing for a serious haircut," said Norberto Sosa, a director of Invertir en Bolsa (IEB), a brokerage firm in Buenos Aires. He said a haircut of 58% has been priced into local-law bonds and 50% into the New York-law securities, or an average of 5

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