Argentina Century Bond Shows Market Will Forgive for Yield
- Government places $2.75 billion of debt to yield 7.917%
- Sale comes only about a year after country exited default
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Argentina, a country that spent 75 years of its two-century history in default, convinced investors that its track record is no cause for concern.
The government sold $2.75 billion of bonds Monday that it may not have to pay back until the year 2117. The leap of faith comes just 14 months after Argentina issued its first international bonds since an economic collapse in 2001 that resulted in a record-setting $95 billion default and years of litigation with Wall Street hedge funds.