Argentina
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Mexican payroll lender Alpha Holdings sold its inaugural cross-border bond deal on Tuesday, becoming the latest in a growing group of Lat Am non-bank lenders to have issued internationally.
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Argentine state oil and gas giant YPF drew a flatter than expected curve with a new 30 year deal on Thursday, following a debut issuance from its private sector rival Tecpetrol earlier in the week.
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Argentine province La Rioja reopened its $200m green bonds for a further $100m on Wednesday as bondholders said the deal structure meant it continued to offer value despite an already hefty rally in the notes since they were first issued.
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Argentine state-owned oil and gas giant YPF is planning to reopen its 10 year benchmark and sell a new long-dated bond to finance a buyback of existing debt, according to a regulatory filing.
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Argentine oil and gas company Tecpetrol became the latest Latin American issuer to radically tighten pricing on a bond sale as it made its $500m cross-border debut on Tuesday.
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Argentine province Rio Negro on Thursday became the 14th province — and 16th sub-sovereign — from the country to issue in international markets since the sovereign settled with holdout bond investors in April 2016.
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Bond investors will have more sub-sovereign supply from Argentina to enjoy next week after a new borrower announced issuance plans.
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The City of Buenos Aires has sold a Ps7.1bn ($403m) domestic peso-denominated floating rate note to a mixture of international and local investors, according to bankers close to the deal.
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The Commonwealth of the Bahamas returned to bond markets for the first time in nearly four years on Tuesday with a tight deal that performed well in secondary.
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Entre Ríos kept Argentine bond issuance ticking over on Tuesday with a $150m tap of its 8.75% 2025s first issued in February.
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The City of Buenos Aires is likely to sell a peso-denominated bond to both domestic and international investors mid to late this week, according to a banker with knowledge of the deal.
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While it is tempting to think of capital markets-friendly President Mauricio Macri as having wiped Argentina’s slate clean, it is not yet time for EM investors to forgive and forget.