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Oct 23, 2:04 PM EDT

Argentina looks for fresh sources of financing with issuance of 2-year bond for $1 billion

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BUENOS AIRES, Argentina (AP) -- Argentina began offering a new two-year sovereign bond for $1 billion on Thursday, at a time when the government is desperately looking for fresh sources of financing.

The bond issue will be denominated in U.S. dollars but paid in local pesos. The economy ministry says the Bonad 2016 has an annual coupon of 1.75 percent. The obligations will be paid every semester on April 28 and October 28 at Argentina's official exchange rate.

Argentina's economy is in recession, Central Bank reserves are dwindling and the government is grappling with one of the world's highest inflation rates. A U.S. court ruling also recently pushed Argentina into its second technical default in 13 years. The country has been kept from global credit markets since its record $100 billion default in 2001.

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