Argentina

Argentine pipeline company Transportadora de Gas del Sur (TGS) became the first Latin American company in several weeks to find itself overwhelmed with orders as six high yield corporates tapped the dollar markets in two days.

Petroquímica Comodoro Rivadavia (PCR), the Argentine energy company, will hit the road on Wednesday ahead of a planned debut international bond sale, with compatriot and peer company Capex expected to provide the closest comparison.

Argentina’s new issue pipeline is showing further signs of picking up, with the Province of Córdoba understood to be weighing up the possibility of a return to markets, according to bond players.

Three Argentine companies are preparing off-shore bond issues and others continue to approve bond shelves as a near three month break in new issue activity from the country could soon come to an end.

Argentine gas pipeline company Transportadora de Gas del Sur (TGS) has pencilled in April 24 for its international bond market return as it looks to refinance its existing dollar bonds.

No Argentine issuers have tapped international bond markets since January, but companies from the country keep approving issuance plans.

Banco de la Ciudad de Buenos Aires (Banco Ciudad) is lining up a potential international bond outing after mandating banks for an Argentine peso-linked trade.

Argentine gas pipeline operator Transportadora de Gas del Sur (TGS) became the latest Latin American corporate to join the new issue pipeline on Thursday, as bankers predict market conditions will become friendlier.

After international investors placed nearly $450m-equivalent of orders for the Province of Buenos Aires’ peso-denominated floater last week, bankers and investors said that issuers in the country may favour local currency over dollars in coming weeks.

The Province of Buenos Aires was ready to price a Euroclear local law peso floater on Thursday evening as investors showed appetite for Argentina’s positive real interest rates despite volatility in broader markets.

Grupo Bimbo, the world’s largest bread maker, will begin meeting fixed income investors on Thursday as it plans a subordinated perpetual hybrid bond, just after Standard & Poor’s said the company was deleveraging more slowly than expected.

Argentina’s largest province is planning to issue around $496m of peso-denominated notes this week and will look to sell a portion of the bonds to international investors.