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Argentina Taps Central Bank to 'Squeeze' Debt Market
Bloomberg
August 02, 2010

Argentina is drawing on central bank profits to meet financing needs, putting off plans to sell its first international bond since 2001 as yields tumble.

The central bank's board on July 29 approved a transfer of 3 billion pesos ($762 million) from the bank's 23.5 billion pesos in 2009 profits to the government, following a 1.5 billion peso transfer in February, spokesman Fernando Meanos said.

Argentine debt led the best month for emerging market bonds since September last month after President Cristina Fernandez de Kirchner's $12.9 billion debt restructuring and a credit rating upgrade helped restore investor confidence. Economy Minister Amado Boudou shelved plans to sell up to $1 billion in dollar bonds due in 2017 as part of the bond exchange, saying the country would wait for the benchmark yields to drop below 10 percent. The yield on the government's existing bonds due in 2017 fell 11 basis points, or 0.11 percentage point, to 9.93 percent at 4:45 p.m. New York time, according to pricing from Deutsche Bank AG.

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