July 11, 2018 / 9:43 PM / in 8 months

Argentina sells $1.6 bln in dual currency 2020 bonds

BUENOS AIRES, July 11 (Reuters) - Argentina’s government sold $1.6 billion in dual currency bonds maturing in February 2020 and $514 million in dollar-denominated treasury notes, the Treasury Ministry said in a statement on Wednesday.

The dual currency bonds received $2.1 billion in orders and were sold at a nominal monthly interest rate of 2.35 percent. While the bonds are denominated in dollars and could be purchased either in dollars or pesos, the payments will be made in pesos, providing investors with a hedge against depreciation.

The treasury notes were split between $220 million in 210-day notes at a nominal annual interest rate of 4 percent and $294 million in 378-day notes at a nominal annual interest rate of 5.5 percent. The government received orders of $257 million and $297 million, respectively. (Reporting by Luc Cohen, Editing by Rosalba O’Brien)

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