Controversy surrounds Argentina’s placement of a $1 billion five-year yankee bond in February, the first time it has managed to woo US investors since Mexico’s confidence-sapping devaluation of 1994.
Immediately after the issue, Argentine officials declared that at last their country had managed to differentiate itself in investors’ minds from Mexico. The bond, launched to coincide with the conclusion of a deal with the IMF, carried a coupon of only 410 basis points above US treasuries, 35bp less than a similarly timed Mexican placement.
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