Chubut sells US$650M in oil-backed bonds

Source: Buenos Aires Herald
By: Herald Staff

Argentine borrowers continued to play the market yesterday, as the province of Chubut sold US$650 million in bonds at 7.75 percent interest, continuing the massive, months-long provincial debt spree.

Chubut went forward with a benchmark US dollar 10-year amortized bond after holding fire on Monday in the wake of the attempted coup in Turkey over the weekend.

The bonds will be backed by the province’s oil and gas royalties.While President Mauricio Macri’s market-friendly policies are receiving some push-back from a populace angered by rising inflation, bond investors largely still like the Argentine story, lending large sums to the country at a federal, provincial and corporate level since a settlement with holdout investors suing the country in New York courts was secured in April.


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