UPDATE 3-Argentina sees 'window of opportunity' to issue debt
(Adds comment from holdout creditor)
By Eliana Raszewski and Davide Scigliuzzo
BUENOS AIRES/NEW YORK Feb 25 (Reuters) - Argentina, a pariah of the global debt market for more than a decade, believes it has an opportunity to raise debt internationally and on Wednesday began marketing a new bond issue to non-U.S. investors.
Central bank chief Alejandro Vanoli said the government saw an opportune moment to follow some provinces and state-run energy firm YPF which have raised debt abroad.
The South American country has faced prohibitively high borrowing costs since its record 2002 default on $100 billion, in part due to a legal battle with creditors who refused to take part in its 2005 and 2010 restructurings that pushed it into a fresh default in July.
"The global context presents an important window of opportunity," Vanoli told radio station Blue FM, referring to U.S. Federal Reserve Chair Janet Yellen's comments on Tuesday that it would be several months before the Fed might raise interest rates.
Another incentive could be the surge in prices of Argentine debt over the past few sessions partly on market optimism of a more investor-friendly government coming to power after October's presidential election.
The government has begun marketing a new issue of Bonar 2024 notes via Deutsche Bank and JP Morgan as it seeks to raise cash ahead of upcoming maturities and avoid legal risks in the United States, two people with knowledge of the offering told Thomson Reuters' IFR.
One of the sources said lead managers have been talking about a sale of $2.7 billion, with proceeds going towards the repayment of its Boden 2015 notes this year. Continuación...