Back in the GrooveWith shrewd market timing, Argentina sold the last tranche of its Bonar V 2011 dollar debt issue with a yield of 8.34%, beating out the 8.45% predicted. The $500 million issue was five times oversubscribed. The Republic used the money, together with a niftily arranged $700 million loan from the Basel-based Bank for International Settlements, and a further $482 million sale of Boden 2012 to Venezuela just before July ended, to meet its $3.4 billion August debt payment obligations without dipping too deeply into foreign reserves. Its debt management efforts were rewarded with a ratings upgrade from Fitch, which boosted its long-term local and foreign currency debt rating from
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