Argentina

Argentina will meet investors in Europe next week ahead of a potential euro-denominated bond issue that would be the first from the sovereign since its 2001 default.

The municipality of Córdoba, the second largest city in Argentina, has mandated Santander to manage a roadshow ahead of a planned international bond debut.

YPF, the B3/B rated oil company that was nationalised by the Argentine government just four years ago, took the Swiss franc market into what one syndicate banker called “unchartered territory” with a three year deal on Friday.

Argentina’s southernmost province Tierra del Fuego could look to meet fixed income investors in late October, defying the expectations of several Lat Am bankers and investors, as it considers raising $150m of bonds.

Latin America global local currency issuance, one of the biggest casualties of the so-called 'taper tantrum' that rocked EM bond markets in 2013, is back on the agenda as dollar yields plummet.

Bankers and investors see no signs of cooling in Latin American bond markets, as hefty inflows continue to leave technicals firmly in the favour of issuers.

One of Argentina’s poorest provinces, Chaco, had some bankers and investors eating their words after it sold $250m of bonds on Wednesday and found enough residual demand to trade up by 50-75 cents on Thursday.

The province of Chaco, one of the poorest in Argentina, sold $250m of bonds with an average life of seven years on Wednesday and then saw them edge upwards on the break despite scepticism from market participants about the borrower’s credit quality.

The province of Chaco is set to provide a test of demand for Argentine credit with a dollar issue on Wednesday, as bankers and investors acknowledged that favourable market conditions gave the province a good chance of a successful deal despite challenging fundamentals.

CEEMEA is focused on one issuer this week, Ghana, as Latin America borrowers ignore the summer break.

Potential bond issuers from Argentina continue to work on new deals despite fears from bankers and investors that the buy-side is beginning to tire of issuance from the country.

The province of Chubut’s debut dollar bond, sold on Tuesday, traded well on the break as bankers said demand for Argentina risk was unsated with at least two more provinces lining up issues.