Argentina Launches Bonar X

Argentina is offering up to $750 million of its new dollar-denominated Bonar X bond, with bids due to close today, Thursday. The 7% bonds mature April 2017 and are expected to price to yield between 7.75% and 7.90%. The bonds will pay interest twice a year: in April and October. They will be used to refinance debt coming due. The program for the newest dollar bond has been approved for up to $2.5 billion.