Argentina, for so long judged by so many to be on the verge of a devaluation, has taken its boldest move yet to prove the doubters wrong by issuing an international bond denominated in pesos: its first investment-grade issue.
In December, without much fanfare, it launched its first Europeso note a Ps250 million ($250 million) two-year issue carrying a coupon of 8.75%, payable six-monthly. The issue was led and, as far as is known, bought up in its entirety by Goldman Sachs International.
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