Argentina’s First ‘Reconstruction’ Bond Sale to Importers Flops
- Government sold just $68 million of $750 million notes offered
- Importer notes part of Milei’s plan to unify exchange rates
The Central Bank of Argentina in Buenos Aires.
Photographer: Erica Canepa/BloombergThis article is for subscribers only.
The Argentine Central Bank’s first auction to pay down importers’ debts owed to suppliers abroad flopped Thursday as the monetary authority only sold a fraction of the total it had offered.
The central bank reported that it sold just $68 million after receiving 34 offers from Argentine importers when it previously announced a maximum of $750 million in notes available. Bloomberg reported the sum earlier Thursday. Importers bought the bonds first, but have the right to resell most of the notes in the secondary market to other investors.