Buenos Aires breezes in for $550m ahead of sovereign
Against the background of September’s strong rally in Argentine debt after a Standard & Poor’s upgrade, the Province of Buenos Aires raised $550m in a five year deal on Tuesday with a coupon of 11.75% and a yield of 12%.
The deal attracted orders of $1.1bn, according to the regions economy minister Alejandro Arlia.
Lead managers were Bank of America Merrill Lynch and Deutsche Bank. The deal which followed a $400m seven year bond at 12.375% from fellow sub-sovereign Cordoba in August was increased from a
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