BUENOS AIRES May 15 Argentina has authorized
the sale of $20 billion in sovereign bonds to be issued under
U.S. and British law, according to a decree published in the
government gazette on Monday.
The bond issuance, to take place under opportune market
conditions, is part of the government's 2017 financial program.
To get the most favorable terms for Argentina, it is
necessary to extend the legal jurisdiction of the transaction to
state and federal courts in New York City and London, the decree
Bonds governed by U.S. and British law are often considered
more valuable and fetch higher prices than obligations subject
to the courts of Argentina.
The nominal amount of government bonds under the decree will
be up to $20 billion, according to the decree.
President Mauricio Macri was elected in late 2015 on the
promise of "normalizing" Argentina's economy and financial
markets after years of heavy state intervention and non-payment
of international debt obligations under the previous government.
(Reporting by Walter Bianchi; Writing by Hugh Bronstein;
Editing by Jeffrey Benkoe)