August 13, 2019 / 11:57 AM / a month ago

Fresh rise in Argentina CDS prices probability of default at over 72%

LONDON, Aug 13 (Reuters) - The cost of insuring against an Argentine sovereign default jumped again on Tuesday as investors continued to react to the heavy defeat of President Mauricio Macri in the country’s primary elections at the weekend.

Argentine 5-year credit default swaps (CDS) were marked at 2,116 basis points, up from what was already a five-year high of 1,994 bps the previous day, according to data from IHS Markit.

Markit calculations estimate that level prices the probability of a sovereign default within the next five years at more than 72%. (Reporting by Tom Arnold; editing by Marc Jones)

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