Argentina
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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.
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Argentine lender Banco Hipotecario and Colombian utility EPM sold local currency deals on the international market this week but market participants said a limited buyer base is restricting momentum in these types of trades.
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Argentina this week jumped on momentum driven by the government’s impressive recent election performance to attract €11.5bn of orders for a triple tranche euro denominated bond — including a 30 year note that is rarely seen in the currency from EM borrowers. Oliver West reports.
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Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on.
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Argentine lender Banco Hipotecario returned to the international markets with a peso-linked deal on Wednesday, becoming the fourth Latin American issuer to sell global local currency bonds in two weeks.
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Latin America’s most prolific issuer of the last two years is hoping to make its expected return to the euro-denominated bond market on Thursday.
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Argentine stocks and bonds enjoyed a strong week after President Mauricio Macri’s Cambiemos coalition’s impressive showing in mid-term elections on October 22, and one issuer has wasted no time in jumping on the improving sentiment.
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Lender Banco Hipotecario, which was the first Argentine borrower in cross-border markets after Mauricio Macri’s presidential election win in November 2015, could also be the first to issue after the president’s successful showing in mid-terms last Sunday.
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Argentine bonds and stocks rallied strongly on Monday after the ruling Cambiemos coalition bettered the predictions of already favourable opinion polls at Sunday’s mid-term elections.
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Luis Caputo, the finance minister of Argentina, said on Wednesday that the South American sovereign would likely return to the euro-denominated bond market in late October or early November.