BUENOS AIRES (Reuters) - Argentina presented the U.S. Securities and Exchange Commission (SEC) with a filing on Thursday that would enable it to issue up to $12.5 billion in debt in the United States in the future.
The filing, known as a debt shelf, did not include a time frame in which the South American country may issue the debt. Latin America’s No. 3 economy has issued nearly $10 billion of dollar-denominated debt in 2017, most recently a $2.75 billion 100-year bond that took markets by surprise.
The country has tapped global capital markets with greater frequency since business-friendly President Mauricio Macri settled with holdout creditors in April 2016, ending a decade-long legal dispute that had contributed to Argentina’s market pariah status since its 2002 default.
Argentina plans to issue a total of $12.75 billion worth of foreign currency debt in 2017 to help finance a primary fiscal deficit estimated at 4.2 percent of GDP. The country aims to cut its deficit to 3.2 percent of GDP next year.
A Finance Ministry spokeswoman could not be reached for comment after normal business hours.
Reporting by Nicolas Misculin and Luc Cohen; Editing by Andrew Hay