August 12, 2019 / 4:27 PM / a month ago

Argentina five-year CDS jumps almost 1,000 bps after primary election outcome

LONDON (Reuters) - The cost of insuring exposure to Argentina’s sovereign debt surged by 938 basis points on Monday as investors worried about a return to interventionist economics following a defeat for President Mauricio Macri in the weekend’s primary election.

Argentine 5-year credit default swaps (CDS) jumped to 1,955 bps, almost doubling from Friday’s close of 1,017 bps, according to data from IHS Markit.

The peso weakened 30.3% to a record low of 65 per U.S. dollar on Monday, traders said, while Argentine stocks and bonds have also come under pressure.

Reporting by Tom Arnold; editing by Sujata Rao

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