Argentina Prepares Third Bonar VII Offering

Argentina is heard to be preparing the next tranche of its Bonar VII debt issue. The sovereign is expected to tap international markets for a further $500 million to take the total issue of the bonds, which mature 2013, to $1.5 billion. The Republic last issued the securities in November when it achieved a yield of 8.03%, but expects to get below 8% this time around. Argentina’s external financing needs in the first quarter of the year total $3.76 billion.