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Argentina gets boost from IMF deal changes; MENA firmer; Papua New Guinea guides pricing
By Rebecca Melvin
New York, Sept. 27 – Buyers stepped in to scoop up Argentina’s bonds on Thursday on the heels of news that it has renegotiated its International Monetary Fund bailout to increase funds, increase the amount of near-dated disbursements and adjust certain fiscal and monetary policy behaviors, market sources said.
The Argentina-IMF news came late in the day on Wednesday. On Thursday Argentina’s bonds were up 1 point to 1.5 point, a New York-based trader said.
Middle East and Africa region debt was much firmer on Thursday after a combination of news that JPMorgan’s emerging market sovereign bond indexes are adding Gulf Cooperation Council states next year and that Bahrain is potentially getting an aid package from its close allies to help it meet financing needs.
In primary action, Bahrain’s Gulf International Bank BSC joined the new issue calendar after it announced that it has selected banks and scheduled a roadshow in regard to a planned offering of U.S. dollar denominated five-year notes.
Elsewhere, Papua New Guinea was guiding pricing on a 10-year note for $500 million to yield 8 3/8%. Final pricing was expected later Thursday.
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