Argentina taps local market for ARS5.5bn

Argentina taps local market for ARS5.5bn

Bonds

Argentina raised ARS5.54bn ($690m) in the local market last week, a bond sale that reflects greater optimism on the sovereign’s finances. The bond is a first step in plans to sell ARS10bn in the local market, the finance ministry said in a statement. The bonds were sold at price of 98.8 and pay 200bp above the Badlar. 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

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