Via our Top News Stories Column – From Wolfstreet.com: Argentina Sells 100 Year Bonds
As Wolf Ritcher points out, these are 100-year dollar denominated bonds from a junk rated country which has defaulted six times in the last 65 years, including as recently as 2014! Nothing illustrates the yield starved, risk oblivious world we live in better than serial defaulter Argentina successfully issuing this bond. Just to illustrate the point, the Argentine Peso has lost over 40% of its value versus the dollar just since 2015! That means that the Argentine government has to generate 40% more revenue in its local currency to service the same dollar denominated debt, just since 2015!