Argentina

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.

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.