Franklin Templeton buys $2.25bn of Argentine Bote

Could now be Argentina's single largest creditor

Manager of Franklin Templeton's flagship $38bn AUM Templeton Global Bond fund Michael Hasenstab has reportedly purchased more than three-quarters of $3bn Argentine "Bote" government bonds made available in May.

Argentina is understood to have reopened the five-year and eight-year Bote bonds for sale after being approached by Franklin Templeton, which already owned about half of the two bonds, with the purchase likely making the asset manager Argentina's single biggest creditor, according to the FT. Emerging debt and reform - a closer look at Argentina and Brazil Hasenstab, who provided similar support to Ireland in the aftermath of the eurozone, paid more than $2.25bn in a discrete cash infusion for the bonds. Argentina has seen its currency tumble to a record low following a change to it...