City Of Buenos Aires Plans Bond Issue

Following in the wake of announcements from several Argentine provinces of their plans to tap international markets, the City of Buenos Aires has said it too will issue international debt, sometime next year. The City hopes to raise around $213 million from the bond issue to part-finance its projected budget deficit of about $345 million. Buenos Aires currently has debts amounting to $677 million. These would be the first bonds to be issued by the City in international markets since Argentina defaulted on its debt in 2001/02.