Argentina Takes Advantage With Bonar VII

Argentina sold a second $500 million tranche of its 7% coupon 2013 Bonar VII, Thursday, at 96.26 to yield 8.03% on a semi-annual basis. Total demand was $1.63 billion and the government received bids between 94 and 97 at auction. Argentina took advantage of market conditions to achieve a yield below that (8.4%) secured for the first tranche of this dollar issue on September 7. The sale doubles the issue to $1 billion. Settlement is December 5.