Argentina

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.

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.

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.

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.

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.

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.

Bond investors will have more sub-sovereign supply from Argentina to enjoy next week after a new borrower announced issuance plans.

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.

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.

Entre Ríos kept Argentine bond issuance ticking over on Tuesday with a $150m tap of its 8.75% 2025s first issued in February.

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.

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.