Argentine bonds sink due U.S. court debt ruling

BUENOS AIRES Fri Nov 23, 2012 9:32am EST

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BUENOS AIRES Nov 23 (Reuters) - Argentine bonds fell by 5 percent on average in early over-the-counter trade on Friday as the market digested a U.S. court ruling that has fueled fears of a technical default on restructured debt, traders said.

The benchmark Par bond in U.S. currency led the slide, sinking 11.8 percent to a bid price of 28.90. The local bond trade was almost nonexistent on Thursday due to the U.S. Thanksgiving holiday.