Argentina aims to sell over $1.3 billion in debt this week
BUENOS AIRES Oct 5 (Reuters) - Argentina on Monday announced that it would sell a $500 million bond and a 3 billion peso ($317 million) issue this Thursday, stepping up its debt sale calendar for this week.
The economy ministry said that both bonds would mature in 2017. The dollar-denominated bond is to be redeemed in pesos at the offical rate.
First up will be a previously announced $500 million bond sale on Tuesday. That bond, due in 2020, will be redeemed in dollars.
The bonds will be issued under Argentine law as the government faces difficulty in issuing debt on global markets after its $100 billion debt default in 2002.
The country has been embroiled in a protracted legal battle with creditors that spurned its debt restructuring and want repayment of defaulted debt in full. That fight pushed it into default on some of its bonds last year.
The bond sales come as government spending ramps up ahead of presidential elections on Oct. 25.
The proceeds might go some way to bolstering Argentina's finances, given it is set to pay the $5.9 billion maturity due for its Boden 15 bonds on Monday, likely taking a large chunk out of its foreign reserves.
The central bank could not be reached for comment on whether or not it had already made the payment.
Argentina has been holding monthly auctions of dollar-denominated Bonad 17s, to be redeemed in pesos at the official exchange rate and holding a 0.75 percent coupon.
The country sold $1.03 billion and $1.087 billion respectively in September and August, although in each instance it had said it would sell $500 million.
It could also allocate more than the original amounts targeted in its auctions on Thursday, the economy ministry said, depending on market appetite. (Reporting by Sarah Marsh Editing by W Simon)
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