August 29, 2018 / 1:42 PM / 8 months ago

Argentina CDS jump to 612 bps, country seeks early release of IMF funds

LONDON, Aug 29 (Reuters) - The cost of insuring exposure to Argentina’s debt jumped on Wednesday as the country sought an early release of funds from an International Monetary Fund (IMF) standby facility after the currency plumbed record lows.

Five-year credit default swaps leapt 14 basis points (bps) from Tuesday’s close to 612 bps, according to IHS Markit, a day after the peso hit an all-time low of 31.60 per dollar.

In an attempt to calm turbulent markets, Argentina asked the IMF to release some funds from its $50 billion financing facility.

Ratings agency Moody’s has warned that the country is sliding into a recession that could extend into next year and investors are worried Argentina may have problems meeting its dollar debt obligations. (Reporting by Claire Milhench; editing by David Stamp)

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