Is Argentina's 100-Year Bond An "I'll Be Gone, You'll Be Gone" Trade?

It seems like yield-starved investors have failed to translate meaningful messages from the failed Petrobras 100-year bond. In a nation just to the east of Brazil, Argentina, perhaps best known to bond market traders for it peculiar debt fight with activist fund manager Paul Singer, just sold $2.75 billion of debt that matures in 100 years. The Argentina 100-year bond offering was oversubscribed by nearly $7 billion, Reuters first reported.  The bond issuer possesses a history of defaulting on debt -- it defaulted seven times in the last ten years alone, according to Bloomberg -- and engaged engaging in bitter fights with creditors. Is this a case of the world gone mad?  Or is issuing a 100-year...