Argentina Pushes Out With Bonar X

Argentina pushed out its curve on Thursday when it sold $750 million of its new 10-year dollar-denominated Bonar X bond. The offering, the first tranche of a program totaling $2.5 billion, was twice oversubscribed. The sovereign had to pay a yield of 8.46%, towards the top end of the range predicted by analysts in recent days. The 7% bonds mature April 2017 and pay interest twice a year: in April and October. Argentina last sold dollar-denominated paper in mid-March when it achieved a yield of 7.71% for the fourth and final tranche of its seven-year Bonar VII bonds.