Argentina Sells First Tranche Of Bonar VII

The Republic of Argentina went to market yesterday, Thursday, and sold the first $500 million tranche of its $2 billion dollar-denominated Bonar VII issue at a yield of 8.34%, the same rate it achieved for its final $500 million tranche of Bonar V just over a month ago. The government took advantage of market conditions to open its financing for next year and although twice oversubscribed, the issuance did not attract as many bids as the July Bonar V offering. The Bonar VII bond matures in 2013 and carries a 7% coupon, with interest paid in March and September.