Argentine Bonds Rally After IMF Bolsters $57 Billion Line
- Economy Minister says financing needs covered until 2020
- Peso opens with thin liquidity, drops 2.5 percent to 39.5
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Argentina’s dollar bonds gained after the International Monetary Fund boosted the size and upfront disbursements of a record credit line which insures that the nation’s financing needs will be covered through next year’s presidential election.
The yield on the government’s 100-year bond dropped 8 basis points to 9.01 percent. The currency, which will begin trading within a band of 34 to 44 pesos per dollar, opened with low liquidity and dropped 2.5 percent to 39.5 per dollar at 11:23 a.m. in Buenos Aires.