NEW YORK, July 31 (IFR) - Argentine five-year protection widened over 500bp Thursday while the sovereign’s bonds dropped around seven points following its default.
Argentina’s five-year CDS widened 513bp to 1,957bp in spread terms or 40.5 points up-front.
The country’s Discount 2033 notes dropped seven points to a bid price of 89.00, while the Par 2038s dropped seven points to 49.50 bid, said traders in New York.
The US dollar-denominated local-law Boden 2015s dropped four points to a bid-price of 97.00, while the Bonar 2017s were down three points to 94.00 bid. (Reporting by Joan Magee; Editing by Natalie Harrison)