The Argentine sting that has been festering and taunting investors over the last several months will likely begin to bleed as early as next month as some deals, especially those tied to multilateral insurers, have begun dying a slow death.

Transportadora de Gas del Norte SA (TGN), a large Argentine natural gas distributor, is the originator of TGN IFC Trust I, TGN IFC Trust II and CRIBS Financial Trust I. TGN is expected to default on its interest payments for the IFC series I and series II deals coming due at the end of this month.

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