August 20, 2019 / 1:36 PM / a month ago

Argentina's 5-year CDS climb 77 bps as new treasury minister sworn in

LONDON, Aug 20 (Reuters) - The cost of insuring against an Argentine sovereign default climbed on Tuesday as Hernan Lacunza was sworn in as the new treasury minister of the crisis-hit country.

Argentine 5-year credit default swaps (CDS) were quoted by IHS Markit at 2,990 basis points (bps), up 77 bps from Monday’s closing level of 2,913 bps. Markit calculations, based on Monday’s closing prices, estimate a 82% probability of a sovereign default within the next five years.

Minutes after being sworn in, Lacunza said Argentina will stand by the 2019 fiscal targets it had agreed with the International Monetary Fund and work to stabilise its currency, which shed 18% of its value last week. (Reporting By Tom Arnold Editing by Tommy Wilkes)

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