Argentina

Argentine finance minister Luis Caputo said that Argentina would issue two further international bonds in 2017 although it will likely avoid the dollar market, where it has raised over $9.5bn of funding so far this year.

A strong aftermarket performance by the latest debut international bond from an Argentine province should encourage more local governments to follow suit.

Argentina’s most north-western province raised $210m of green bonds due in 2022 on Wednesday, as bankers say activity is ready to recommence in earnest.

Argentina’s most north-western province became the 15th regional or municipal government in the country to issue international bonds on Wednesday as Jujuy raised $210m of green bonds due in 2022.

The Province of Jujuy hit the road this week ahead of a potential inaugural international bond sale, but it is not clear how many of the growing list of likely Argentine issuers will come to market in the September rush.

Potential first-time issuer the Province of Jujuy could become the second Argentine green bond issuer after mandating two banks for a fixed income investor roadshow.

Mauricio Macri’s ability to persuade Argentines of the long term benefits of his reforms amid a tough economic environment brought rewards to bond investors this week and left market analysts pleasantly surprised.

Argentine credits tightened throughout the start of the week as bond markets basked in better than expected results for the ruling party at Sunday’s primary elections.

Argentine company MSU Energy is considering approaching international bond markets for the first time, credit analysts in Buenos Aires say.

Argentine mortgage lender Banco Hipotecario said on Thursday that it had approved another $400m bond issuance, just after YPF clinched a long awaited return to dollar markets that impressed bankers.

Lat Am bond market participants agreed that Argentine state-owned oil company YPF had achieved a tight return to dollar markets on Tuesday as it printed $750m of July 2027 bonds.

Argentina’s largest province raised €500m of euro-denominated bonds on Thursday after hefty tightening from initial price thoughts.