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Argentina repurchased $110 mln in debt this week
Reuters
August 22, 2008

BUENOS AIRES, Aug 22 (Reuters) - Argentina bought back more than $110 million in bonds this week, the Economy Ministry said on Friday, as part of a debt buyback program it launched to bolster flagging investor confidence.

The purchases raised to around $380 million in short-term debt the country has repurchased since it announced the plan on Aug. 10.

"The Treasury has reduced the debt payments it must make over the next four years estimated at around $520 million, meaning a savings of $140 million," the ministry said in a statement.

On Thursday, the country said it will begin to hold auctions in connection with the program beginning next week with plans to continue them through the end of the year.

The government bought back Boden 2012, Boden 2013, Bonar V and Boden 2008 bonds among others, the ministry said.

Argentina started the buyback program last week to stem falling bond prices after the government sold $1 billion in 2015 bonds to Venezuela in a direct sale, with a yield of 14.8 percent.

High inflation and falling prices for soy, Argentina's top foreign income earner, have raised concerns the government could face financing shortfalls next year. (Reporting by Walter Bianchi; Writing by Kevin Gray; editing by Carol Bishopric)