Argentina Approves Final Bonar Offering

Argentina’s economy ministry has approved the final $500 million tranche offering of the sovereign’s new dollar debt issue – Bonar V. The Republic sold the first $500 million tranche in March, which it sold to yield 8.36% and the second $500 million in May when it achieved a lower yield of 8.09%. The bonds mature in 2011 and carry a coupon rate of 7%. Argentina is facing debt payments of around $3 billion next month and recently announced a further sale of its US dollar debt Boden 2012 to Venezuela to raise $600 million.