http://www.bloomberg.com/apps/news?pid=email_en&refer=rates&sid=axTqfaTiLf4I
Just a quick note on a Friday. The above link is to a Bloomberg article on Argentine debt. Surprise, surprise that the value of these securities are in question. This is an "I told you so". All I can say is caveat emptor. There can't much sympathy for those that bought these securities and the accompanying warrants given the bankruptcy, the lengthy restructuring, the hardball tactics, the opacity of the structures' valuations, the limited convertibility of the currency, and the headlong rush into the arms of the likes of Hugo Chavez. Well, greed can be blinding. Have a good weekend.
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3 comments:
Do you mean that EM debt trading at +200 during the past three years wasn't a good indication of their true worth?
+200? You must mean the real junkie stuff like Zimbabwe.
Zimbabwe is a stellar credit. It's even better than Haiti.
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