Argentina plans to issue $500 million of 2011 Bonars on Wednesday

By Reshmi Basu

New York, May 2 - The Republic of Argentina plans to auction a $500 million offering of "Bonar V" bonds due 2011 (//B-) on Wednesday under Argentine law, according to information provided by Argentina's Public Credit as well as by market sources.

The bullet bond issue will carry a 7% coupon and will be payable in dollars.

On March 22, the country auctioned the first tranche, which totaled $500 million, in local markets. In the secondary, the issue is now yielding around 8.10%.

Previously, Argentina said it would issue as much as $1.5 billion of the 2011 bonds.

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