On Argentine Business and Economy: Interview with Eduardo Elsztain

Source: Harvard Politics
By: Humberto Juarez Rocha

Harvard Political Review: For an Argentine businessman, what does the return of your country to the international bond market after the accord with theholdouts represent?

Eduardo Elsztain: It is a great notice and one that is already having positive effects. We were the first Argentine business to show on the market; we placed the sale of a bond for $360 million at an interest rate of 8.7 or 8.8, but the important thing is that we received offers for about three times higher than what we asked. The national government has also placed $15 million in bonds these days, with an offer that tripled the original amount and an even lower interest rate. We could have taken the sum that was offered to us, but we were sure that the interest rate was going to be lower and so we postponed the decision. I think that in the near future, we will further approach the interest rates that neighboring countries pay, which is a direct effect from our return to the international bond market.

HPR: In what sectors of the Argentine economy can one expect foreign investment?

EE: After a large boom in investments in financial assets, the world, I believe, is looking for real and tangible assets. Gold cannot be printed, bricks cannot be printed, hydrocarbons cannot be printed, acres and agricultural products cannot be printed. I think those are the sectors that will probably attract foreign investment.


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