So far, however, with low interest rates across the globe, Argentina remains attractive in the short term. Investors have already absorbed some US$7.275bn in Argentine bonds over the last month and a half alone — much of that provincial debt. Wednesday, July 20, 2016 Chubut sells US$650M in oil-backed bondsProvince becomes latest to join in local debt spree after country’s return to global marketsArgentine 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. Sean Newman, a senior portfolio manager at Invesco, still sees further upside potential investing in provincial bonds despite the fact that their value has already improved in secondary markets over the last few weeks. The bonds will be backed by the province’s oil and gas royalties.

Source: Bueno Aires Herald July 20, 2016 03:10 UTC