In April this year, Argentina raised $16.5 billion in sovereign debt. It was the first bond issue by South America's second-largest economy in 15 years following its default on some $80 billion of bond interest payments in 2001. The issue came after the new government led by president Mauricio Macri, who was elected to power in December 2015, reached a settlement with a core of holdout bond investors. The debt issue – at the time the largest ever by an emerging market – was four times