Argentina says issues $779 million in local debt

BUENOS AIRES: Argentina sold around 12 billion pesos ($779 million) worth of Bonar 2018 and Bonar 2020 bonds on Thursday, the Finance Ministry said, as South American country seeks to plug a gaping fiscal deficit.

The country sold 5.983 billion pesos of Bonar 2018 notes, which yield the benchmark Badlar rate plus 275 basis points, and 6.007 billion pesos of Bonar 2020, which pay the Badlar rate plus 325 basis points.

The Badlar rate, which is the benchmark for the Argentine market, was around 26.8 percent on the year on Thursday.

Argentine annual inflation is running around 30 percent.