ISDA declares credit event over Argentina

The International Swaps and Derivatives Association declared Argentina in default, a move which could trigger up to $1B on credit default swaps. Next up is an ISDA auction to settle outstanding CDS deals.

Argentina bonds extended losses after the ISDA action, and the Global X Funds Argentina ETF (NYSEARCA:ARGT) is off 2.1% on the session.

A selection of ADRs: Alto Palermo (APSA), Banco Macro (BMA -2.4%), BBVA Banco Frances (BFR -1.4%), Edenor (EDN +2.3%), Pampa Energia (PZE +0.1%), Telecom Argentina (TEO -0.6%), Tenaris (TS -0.1%), Ternium (TX -0.7%), YPF (YPF -0.9%).

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