Bank of China, JPMorgan Among Banks in Argentina $2 Billion Repo

Argentina launched an agreement with seven private banks on a repurchase agreement of $2 billion, money aimed at bolstering the central bank’s foreign reserves.

The structure of the transaction includes a floating interest rate of 450 basis points over the Federal Reserve’s Secured Overnight Financing Rate with the contract maturing in April 2027, the monetary authority said in a statement Wednesday.