November 16, 2017 / 11:14 PM / a year ago

UPDATE 1-City of Buenos Aires sells $400 mln in peso bonds

(Recasts with results of bond sale, adds comment from Buenos Aires treasury minister)

BUENOS AIRES, Nov 16 (Reuters) - The city of Buenos Aires sold $400 million worth of peso-denominated bonds maturing in 10.25 years on Thursday, a local official told Reuters, after it earlier repurchased $458 million of dollar-denominated bonds of maturities averaging one year.

The bonds were sold at a rate of 3.75 percentage points above the Badlar interest rate for deposits at private banks. That rate was 22.81 percent on Thursday, according to Argentina’s central bank.

“The sale was a success for the city, given that this bond at 10 years in pesos allows us to extend our maturities and reach a currency mix close to 50-50 for dollars and pesos,” Martin Mura, Treasury Minister for Argentina’s capital city, told Reuters.

The city received around $410 million in offers for the bond. (Reporting by Eliana Raszewski and Nicolas Misculin; Writing by Caroline Stauffer and Luc Cohen; Editing by Chizu Nomiyama and Rosalba O’Brien)

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