Argentina sold a 100-year bond Monday, pricing the bonds at a lower yield than the initial price talk and joining a small group of countries to issue so-called century bonds.
The Argentine government sold $2.75 billion at a yield of 7.9%, according to the country's Ministry of Finance. Initial price talk suggested a yield of 8.25%. Proceeds will go toward financing the government's budget and refinancing its existing debt.
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The sale extends a comeback for Argentina, which until last year was effectively barred from global bond markets, the result of an $80 billion default in 2001 that was the largest government default ever at the time.
Mexico, Ireland and the U.K. have also sold 100-year bonds, but Argentina marks the first time a junk-rated government sold 100-year debt.
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(END) Dow Jones Newswires
June 19, 2017 17:13 ET (21:13 GMT)