Argentina

Bad weather in New York left trading volumes in Latin American bond markets low on Thursday, and Lat Am primary may also now find activity cooling despite a seemingly relentless wave of Argentine borrowers looking to tap the market.

Argentina’s largest province, Buenos Aires (PBA), saw its bonds trade up the day after it raised $1.5bn of five and 10 year bonds.

Argentina’s largest province, Buenos Aires (PBA), raised $1.5bn of five and 10 year bonds on Wednesday as investors showered love to the tune of $4.3bn upon the 120bp pick-up to the sovereign it paid.

The solid performance of last week’s Latin American new issues will give heart to an Argentine corporate borrower looking to bring a new bond on Monday.

The Province of Buenos Aires (PBA) will meet bond investors on Monday and Tuesday next week ahead of a planned dollar-denominated benchmark as Argentine issuers continue to dominate the Lat Am primary market.

Aeropuertos Argentina 2000’s new 10 year bond traded up more than a point and a half this week, and lender Banco Supervielle sold $300m of peso-linked bonds to underscore continued demand for Argentine credit.

Entre Ríos raised $350m of bonds with an average life of seven years on Wednesday in a debut bond issue that put it second widest on the spectrum of Argentine provincial issuers.

Argentine airport operator Aeropuertos Argentina 2000 saw its new 10 year bond trade up around a point on Tuesday as Latin American corporates extended their stay in a friendly primary market.

Argentine airport operator Aeropuertos Argentina 2000 fetched a new 10 year bond some 30bp inside initial price thoughts on Monday to become the fifth issuer, and fourth corporate, from the country to issue this year.

AES Argentina priced a new seven year bond well inside the expectations of much of the market on Thursday as conditions recovered quickly after a wobble at the end of last week.

Donald Trump’s inauguration as US president had no effect on Latin American bond markets, said syndicate bankers, although a sell-off in US Treasuries meant the buoyant market tone had softened by the end of the week.

Argentina found ample demand for its latest dollar-denominated bond sale on Thursday as investors found reassurance in the South American country’s ability to diversify its funding.