Argentina

Emerging market bond fund managers say they are markedly more optimistic than 12 months ago when the "whole world was negative" after the start of Donald Trump’s US presidential term. And with plenty of sovereign trades rumoured for January, there is an abundance of investment opportunities.

After a record 2017, Latin America bond markets had a quiet start to 2018 on Tuesday but syndicate bankers covering the region said that they had a hefty pipeline and would start bringing deals as soon as possible.

Luis Caputo, Argentina’s finance minister, said that the sovereign will raise $30bn of new debt across domestic and external markets in 2018, as the government intends to continue reducing its financing from the central bank.

One of Argentina’s poorest provinces is considering returning to international bond markets in January, according to buy-side sources in Buenos Aires.

Mexican payroll lender Alpha Holdings sold its inaugural cross-border bond deal on Tuesday, becoming the latest in a growing group of Lat Am non-bank lenders to have issued internationally.

Argentine state oil and gas giant YPF drew a flatter than expected curve with a new 30 year deal on Thursday, following a debut issuance from its private sector rival Tecpetrol earlier in the week.

Argentine province La Rioja reopened its $200m green bonds for a further $100m on Wednesday as bondholders said the deal structure meant it continued to offer value despite an already hefty rally in the notes since they were first issued.

Argentine state-owned oil and gas giant YPF is planning to reopen its 10 year benchmark and sell a new long-dated bond to finance a buyback of existing debt, according to a regulatory filing.

Argentine oil and gas company Tecpetrol became the latest Latin American issuer to radically tighten pricing on a bond sale as it made its $500m cross-border debut on Tuesday.

Argentine province Rio Negro on Thursday became the 14th province — and 16th sub-sovereign — from the country to issue in international markets since the sovereign settled with holdout bond investors in April 2016.

Bond investors will have more sub-sovereign supply from Argentina to enjoy next week after a new borrower announced issuance plans.

The City of Buenos Aires has sold a Ps7.1bn ($403m) domestic peso-denominated floating rate note to a mixture of international and local investors, according to bankers close to the deal.