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Argentine Default Injures Postal Pension

Brazilian mailmen become unlikely victims of Argentina's debt default.

By Paula Sambo, Filipe Pacheco, and Francisco Marcelino, Bloomberg | Updated on August 06, 2014

Brazilian mailmen became unlikely victims of Argentina’s default last week after a $168 million fund used by their pension plan recorded a loss on most of its assets.

The fund operated by Bank of New York Mellon Corp.’s local unit wrote down its value by about 51 percent after losses on securities linked to Argentine government debt, according to a regulatory filing yesterday. While the statement didn’t identify the entity that is the fund’s sole investor, all signs point to Postalis, the pension manager serving about 130,000 current and former postal workers in Brazil.

 

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