Argentina and Venezuela issue joint bond
The two South American nations announce plans for a mould-breaking bilateral deal whereby each sovereign guarantees the debt of the other
In a move without precedent in emerging markets, two sovereign issuers - Venezuela and Argentina - have announced plans to jointly issue debt to foreign creditors. An initial US$2 billion of the so-called Bono del Sur, or 'Southern bond', will be sold in September, with each nation assuming half of the total debt load.
Although details of the bond are scarce, officials in both countries consider it a first step in plans to create a jointly held bank that would open up new lines of credit to both
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