Argentina

Argentine oil company Compañía General de Combustibles and lender Banco Macro joined Trinidadian utility name Trinidad Generation Unlimited (TGU) in the Latin America and Caribbean bond pipeline this week as debut issuers looked to take advantage of strong funding conditions.

The Argentine province of Santa Fe will begin a roadshow on Wednesday ahead of a much-anticipated international bond market debut.

The Province of Buenos Aires tapped its existing 2019s and 2027s for a total of $750m on Friday to take advantage of still favourable market conditions as syndicate bankers said there was no good reason for borrowers to delay issuance plans.

US based bond investors said that Argentina’s first euro-denominated bond issue for 15 years came too tight for them, as bankers said this was likely to be exactly what the sovereign had been looking for. However, the level also looked tight for yield-hungry European accounts, with the bonds trading down around a point on Thursday.

Argentine mortgage lender Banco Hipotecario announced plans to raise peso-linked bonds on Wednesday, in the second local currency transaction from the country since the sovereign exited default in April.

Argentina took a further step in its reintegration to global markets on Wednesday, selling €2.5bn of euro-denominated bonds for the first time in 15 years.

A report from American think tank Atlantic Council is calling for China and Latin America to take better advantage of their trading links and improve the usage of renminbi on the continent.

Argentina presented investors with a pricing conundrum on Wednesday when the sovereign came to market with its first euro-denominated deal since its 2001 default.

After a slow start to the week, emerging market investors were offered a smorgasbord of options as borrowers from four continents and across the credit spectrum launched bonds in dollars and euros.

The Republic of Argentina is set to continue its huge year of bond issuance with its first euro-denominated trade since its 2001 default. The announcement comes after the finance ministry said it would need to raise up to $15bn of international debt next year.

New funding possibilities in the Swiss franc bond market for lower rated issuers have been opened up by a ground-breaking Sfr300m issue for YPF, the Argentine state oil company, writes Silas Brown.

Bankers said that the long list of Latin American borrowers getting ready to issue should now have a clear path to market after the US Federal Reserve left interest rates unchanged — as many had expected.