Argentina Sells More Boden To Venezuela

Argentina has sold another $308 million of dollar-denominated Boden 2012 “at market prices” – according to the finance ministry — to its largest investor, Venezuela. Venezuela has now bought over $2 billion of Argentine sovereign paper, although the exact amount currently held is something of an uncertainty, with up to $600 million of the bonds sold on to Venezuelan banks. Critics claim that opaque secondary trading of the Argentine paper is allowing certain local investors to circumvent Venezuela’s strict foreign currency restrictions by on-selling the paper.