Sovereigns Crowd the MarketFour sovereigns tapped international markets in quick succession at the start of September, with issues totaling $2.65 billion. Argentina took advantage of its record low country risk to open 2007 financing and issued $500 million of its $2 billion dollar-denominated Bonar VII. The issuance didn't generate the excitement of the previous July Bonar V offering but sold at the same yield of 8.34%. Brazil's issuance was part of its effort to build out a yield curve for local-currency bonds. The $750 million-worth of real-denominated bonds, which mature in 2022 and are the longest local-currency fixed-rate bonds issued by the sovereign, were sold to yield 12.875%. Citig
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