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05

Default Fears Mount for ‘BATS’ as Emerging-Market Pain Deepens

By Tony Seruga

Turkey’s implied default odds climb to highest since 2008
‘Substantial’ default risk in Argentina as well: Credit Suisse

Investor anxiety about a missed debt payment by one of the world’s largest developing nations is jacking up the cost of credit-default swaps from the “BATS” — Brazil, Argentina, Turkey and South Africa — to multi-year highs.

Analysts are taking note. Turkey and Argentina have “substantial” medium-term default risks as they’ll probably face recessions and rising political risks ahead of key votes, Kasper Bartholdy, a strategist at Credit Suisse in London, wrote in a note today…

Default Fears Mount for ‘BATS’ as Emerging-Market Pain Deepens

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