It's a good time for the economy, both in the US and in Europe. But not only. Yesterday's most curious news is that Argentina, the historical naughty of the international community, already punished by the financial embargo after the default, has launched a sensational offer: a 100-year bond, at a rate of 8,25 %.
HSBC and Citigroup are handling the sale. The issue had been announced on Twitter by the Finance Minister who had not however provided further details.
Argentina will thus follow in the footsteps of Mexico, Ireland and the United Kingdom in issuing secular bonds. The South American country, grappling with an attempt to reduce its deficit, has defaulted seven times in 200 years.
It's hard to imagine who can trust the coupons from Buenos Aires expiring 2117. But it is nonetheless the signal that risk aversion has plummeted to an all-time low. That may not be good news.
