There is unmet demand for long-dated paper, says the Bond Market Association, an industry body.

ECONOMIST: An old favourite may return

The economy ministry also hopes to cut its interest burden by strong-arming pension funds (over sour looks from the big rating agencies) to swap short-dated government paper for long-term bonds.

ECONOMIST: Argentina

In 2001, in a desperate effort to stave off debt default, Domingo Cavallo, the economy minister, forced them to swap bonds (and cash) for long-dated or low-yielding paper.

ECONOMIST: Argentina