Franklin Templeton bond funds managed by Michael Hasenstab have reportedly lost a total of almost $1.8bn (£1.5bn) in a single day as a result of the manager’s exposure to Argentinian government bonds, which were hit will with a sell-off in the wake of President Mauricio Macri primary elections defeat over the weekend.
Hasenstab has been one of the biggest buyers of Argentine debt, having purchased more than three-quarters of $3bn "Bote" made available in May 2018, with six of his funds building significant exposure...
December 'remains achievable'
Able to monetise its assets
Formal agreement set to be announced soon
Cash holdings continue to grow