Amid Argentina’s Bond Carnage, a Few Standouts Lure Buyers

As Argentina descends into a hellscape for creditors, with bond prices taking a fresh leg down as each new development saps spirits, there are a few securities bucking the trend, Bloomberg News reported. Investors are sorting through billions of dollars of Argentine debt, some of it trading at deeply distressed levels below 50 cents on the dollar, in search of bonds that are being unfairly punished for the federal government’s problems. They’re finding opportunities in some provincial and municipal notes selling at small discounts to their face value and spitting out rich coupons in a world of near-zero yields. Notes from the city of Buenos Aires -- not to be confused with the province of the same name, which is seeking to restructure -- are trading near par on confidence the capital’s strong tax revenue will keep it solvent, but still yield 9.3%. Read more

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