* Argentina’s economy ministry has announced that it has successfully placed Ar$9.75bn (U$116.1m) in peso-denominated treasury bonds in the local financial market. This is the first of a series of five planned debt operations for this month, designed to raise funds for the cash-strapped government and to help stabilise the exchange rate. The value of the Argentine peso against the US dollar remains at historically low levels amid a persistent lack of market confidence in the peso due to the country’s deep economic recession and concerns about the government’s capacity to pay its debts and reduce the fiscal deficit. A ministerial statement said that it placed Ar$9.02bn bonds maturing in January 2021 offering an annual return of 37%; and Ar$731m bonds maturing in March 2021 and offering an annual return of 37.7%. The operation has been described as
“positive” and a good sign that the other planned transactions will be successful.
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