August 14, 2019 / 1:28 PM / 11 days ago

Argentina CDS jump further, probability of default at over 78%

LONDON, Aug 14 (Reuters) - The cost of insuring exposure to Argentina’s sovereign debt jumped a further 150 basis points on Wednesday as investors stayed on edge amid a market rout following a primary vote that dealt a blow to President Mauricio Macri’s re-election chances in October.

Argentine 5-year credit default swaps (CDS) were marked at 2,720 basis points, up from Tuesday’s close of 2,570 and well over double Friday’s closing level of 1,017, prior to the weekend’s primary elections, according to data from IHS Markit.

IHS Markit’s latest estimates, based on Tuesday’s closing CDS level, prices the probability of a sovereign default within the next five years at 78%. (Reporting by Tom Arnold Editing by Gareth Jones)

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