In January the Republic of Argentina launched a $2 billion 20-year global bond. It was almost four times oversubscribed, priced below the indicated spread range and still tightened 40 basis points in the first two days’ trading. The Argentina/Mexico spread differential at 20 years fell from 120bp to 75bp.
As the issue was launched, bookrunner Merrill Lynch’s head of fixed income Jim Quigley enthused: “We saw accounts in this that we have never seen in an emerging market instrument before.
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