Argentina

Two Latin American companies raised dollar funding this week while two stayed on the sidelines as bankers said broader market conditions affected appetite in the region.

The board of Transportadora de Gas del Norte (TGN), the Argentine gas provider, has approved a bond shelf of up to $600m as the company weighs up a potential debut international bond, it said in a regulatory filing on Tuesday.

Latin American bond bankers are presenting unusual structures to potential buyers, even as markets remain weak and more straightforward, well-known credits are managing only modestly successful deal execution.

AT&T’s Latin American subsidiary began investor meetings on Wednesday ahead of an international bond debut that may include an Argentine peso tranche.

Fitch Ratings said on Tuesday that Vrio Corp, AT&T’s Latin American subsidiary, was planning a $1.5bn international bond issue half denominated in Argentine pesos.

The largest dairy company in Argentina is looking at calling its existing 2021s in July after filing a new debt shelf, according to market sources in Buenos Aires.

The largest dairy company in Argentina is looking at calling its existing 2021s in July after filing a new debt shelf, according to market sources in Buenos Aires.

Banco Supervielle, the Argentine lender, is looking to increase the size of its existing bond shelf from $800m to $2.3bn, according to a regulatory filing.

Aluar, the Argentine aluminium producer, will look into the possibility of issuing local or international debt after the company’s board of directors approved a $300m bond shelf.

Three Argentine companies sold dollar deals this week to bring welcome new supply to EM investor portfolios but it was a familiar story on pricing as even the duo of debut issuers in the market offered slim pickings in terms of concession.

Energy company Genneia has become the first Argentine company to tap international bond markets this year with a tap of its existing bonds that bodes well for a likely debut from its peer SMU Energy later in the week.

Government-owned water utility AySA (Agua y Saneamientos Argentinos) joined energy companies Genneia and MSU Energy in the pipeline on Thursday as this year’s corporate supply from Argentina looks set to start next week.