Argentina's $5.9 Billion Bond Payment Triggers Return to Market
- Reserves sink most in 9 years to $27.7 billion after payment
- Argentina will sell $1.5 billion of notes due in 2020
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Argentina is turning to the bond market to help rebuild its depleted foreign reserves.
The South American country will sell $1.5 billion of five-year bonds in the local market Tuesday, a day after tapping its cash hoard to repay $5.9 billion of maturing notes. The payment cut Argentina’s reserves by 15 percent, the most in 9 years, to $27.7 billion.