New Issue: Argentina sells $632 million in Boden 2015 bonds to yield 8¾%

By Reshmi Basu and Caroline Sells

New York, Oct. 26 - Argentina sold $632 million of Boden bonds due 2015 to yield 8¾% on Wednesday.

Last month, Argentina canceled a sale of $800 million in 10-year bonds because investors demanded a yield higher than 8.8%. This time around, the government opted for a different strategy.

The government announced a fixed price for the bonds at $890.85 per $1000 face value bonds. The yield was preset at 8¾% and investors were allowed to place a bid.

A source said that it was widely believed that the government had already found buyers for the issue.

State-run Banco de la Nacion bought $494 million of the bonds.

Issuer: Argentina

Amount: $632 million

Issue: Boden bonds due 2015

Fixed price: $890.85 per $1000 face value bonds

Yield: 8¾%

Pricing date: Oct. 26

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