Buenos Aires Province Debt Talks Slam One of World’s Best Bonds

Buenos Aires’s plan to seek talks with creditors ahead of a debt payment due this month has torpedoed one of the world’s best bond rallies, Bloomberg News reported. The province’s $500 million of notes due in January 2021 tumbled 5.3 cents Wednesday to 64 cents on the dollar, their worst day in more than four months. The securities had returned 54% from the end of August through Tuesday, putting them among the top performers in emerging markets. The bonds reversed course after provincial officials announced late Tuesday that the economic crisis enveloping the country had compelled them to seek restructuring talks with creditors. Read more