Argentina to tap local bond market

Argentina to tap local bond market

Bonds

Argentina plans to issue up to ARS10bn ($1.2bn) in 3-year local market bonds, paying 200bp over the Badlar, on Friday, according to a government announcement. Moody’s recently downgraded Argentina's government bond rating to Caa1 from B3, with a stable outlook, citing a "significant fall" in foreign reserves - which have plummeted to $27.5 billion from a high of $52.7 billion in 2011 - together with an "inconsistent policy environment" that is likely to put pressure on reserves and foreign-curre

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