Déjà vu all over again…and again
Mark Twain remarked that “history doesn’t repeat but it often rhymes”. He’d probably never been to Argentina. A year ago, it issued $2.75bn of debt at a yield of 7.9% in a capital raising that was 3.5x oversubscribed. The duration of this bond (its life) was 100 years; a detail that Gillian Tett, writing in…