IRSA Sells $150 Million Bonds

Argentine property conglomerate IRSA has sold $150 million 10-year bonds at par to yield 8.5%, representing a spread of 363bp over comparable US Treasuries. The bonds mature February 2, 2017. Earlier, the company said the money raised would be used to finance expansion of its office-building business, including acquisitions. The bonds carry a B+ rating from Standard & Poor’s and a B rating from Fitch. The issue was coordinated by Citigroup and Credit Suisse.