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IRSA's $150 Million Bond Shows Defaulted Debt Restructuring Boosting Sales
Bloomberg
July 16, 2010

IRSA Inversiones y Representaciones SA's sale of international bonds ended a three-month drought in offerings from Argentine companies after benchmark borrowing costs fell to a two-month low.

IRSA, the country's biggest real estate developer, issued $150 million of bonds due in 2020 to yield 11.875 percent yesterday, the first overseas sale since Pan American Energy LLC sold $500 million of 11-year debt on April 30. Yields on Argentine government dollar debt, a benchmark for corporate borrowing costs, have dropped 82 basis points in the past two weeks to 10.92 percent and touched the lowest since May 4 on July 14, according to JPMorgan Chase & Co.

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