Argentina

Argentina has earned its first positive rating action since the triple upgrade that followed its emergence from default last year, as Moody’s placed the sovereign’s B3 rating on positive outlook on Monday evening.

Argentine real estate company Raghsa is meeting international investors ahead of a planned $150m issue of senior unsecured notes due 2024.

Argentina’s third largest private sector lender Banco Macro is considering selling up to $300m of New York law peso-linked notes, following in the steps of fellow banks Supervielle and Hipotecario.

The government of Belize has extended the deadline for a consent solicitation designed to ease its debt burden for the fourth time, but has again failed to offer bondholders a better deal.

The province of Córdoba sold a five times oversubscribed 7.5 year bond on Wednesday to suggest that plenty of appetite for Argentine paper remained — even if it is growing ever more picky about credit quality.

Central Argentine province Córdoba sold $510m of 7.5 year bonds on Wednesday, using proceeds to refinance existing bonds and significantly lower its funding costs.

Argentine province Córdoba is set to continue the seemingly never ending run of sub-sovereign issuance from Latin America’s third largest economy as it sought seven year money on Wednesday.

Argentine credit card company Tarjeta Naranja will look to issue international bonds for the first time after approving a bond sale of up to $300m.

Argentine province La Rioja may have had to settle for a wider yield than some expected on its bond debut on Thursday, but a promising aftermarket performance provided some hope for the shrinking number of provinces yet to issue.

Latin American new issue markets are in for a quiet period, said DCM bankers, though Argentina continues to throw up new borrowers.

The Argentine province, La Rioja, was looking strong reception after releasing initial price thoughts of 10% for a planned eight year (6.5 year average life) bond on Tuesday, despite some investors expressing their fatigue at the number of Argentine provincial issuers to have brought deals.

Privately held power generation company Stoneway Capital Corporation, which includes Siemens among its partners, sold $500m of 10 year bonds at a yield of 10% on Friday.