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Argentina Sovereign CDS responding to proposed debt swap

|Includes: APAGF, TAR, Telecom Argentina S.A. (TEO)

Last week Argentina announced its proposal to win over the remaining $20 billion of sovereign debt held out by some investors who could have settled in 2005. Current interest in proceeding with the exchange appears to be moving a little slower than expected and the current credit default swap levels continue to reflect that uncertainty.

Disclosure: long all countries