Argentina has launched a landmark sale of US dollar-denominated bonds maturing in 100 years, a dramatic market rehabilitation for a nation that spent more than a decade fighting investors over the fallout from its default on $100bn of debt in 2001. Argentina removed currency controls only in 2015 and has yet to gain an investment grade credit rating, but investors have been enthused by President Mauricio Macri’s appointment of market-friendly officials and reform measures. Argentina issued $16.5bn of debt in a record return to the market in April 2016, after Mr Macri cut a deal with creditors who had refused to accept a restructuring of defaulted debt. It has since issued bonds in a variety of currencies and maturities.

Joining only a handful of sovereign borrowers to sell century bonds, yesterday’s debt sale also highlights a broader enthusiasm for emerging market securities. Over the past 12 months the JPMorgan index of such dollar-denominated securities has produced a 9 per cent total return for investors.

Adam Bothamley, head of debt syndicate for HSBC, said the deal came after inquiries from investors had suggested demand existed.