Argentina

Argentina’s leading mortgage lender is looking to raise at least $200m in the international bond markets to finance a tender offer of outstanding debt due April 2016.

Moody’s removed the negative outlook on Argentina’s Caa1 rating as analysts said the political climate is looking more positive for holders of the sovereign’s debt.

Mauricio Macri, the conservative mayor of Buenos Aires, outperformed expectations on Sunday’s presidential elections in Argentina, meaning bond markets may receive a fillip on Monday morning.

The Argentine province of Neuquén said it would make a second attempt to sell a dollar-denominated bond “when market conditions are more stable and convenient”, after the region’s government did not approve the interest rates that investors were seeking.

The People’s Bank of China (PBoC) said on Friday that it has appointed the local branch of Industrial and Commercial Bank of China as the renminbi clearing bank for Argentina. The country becomes the second official RMB hub in Latin America, following the footsteps of Chile.