Argentina

CEEMEA is focused on one issuer this week, Ghana, as Latin America borrowers ignore the summer break.

Potential bond issuers from Argentina continue to work on new deals despite fears from bankers and investors that the buy-side is beginning to tire of issuance from the country.

The province of Chubut’s debut dollar bond, sold on Tuesday, traded well on the break as bankers said demand for Argentina risk was unsated with at least two more provinces lining up issues.

Argentine electricity generation company Albanesi raised prospects of market access for small corporates from the country with a $250m seven year non-call four bond on Wednesday.

Argentine electricity generation company Albanesi raised $250m of seven year non-call four bond paper on Wednesday in the highest-yielding issue to have emerged from the country this year.

Predictions that the Argentine province of Chubut’s debut public dollar bond would trade well were proven correct on Wednesday as bankers said demand for Argentina risk was unsated despite large new issue premiums.

Argentine infrastructure group Clisa (Compañía Latinoamericana de Infraestructura & Servicios) will buy back at least 80% of its 11.5% bonds due 2019 after receiving a strong response to a tender offer.

Lat Am bond bankers said that conditions continued to be supportive for most Argentine borrowers, although the contrasting fortunes of the deals in the market last week showed that investors were becoming more selective.

A trio of Argentine borrowers dismissed any worries about fading investor interest for the country’s issuers by raising a combined total of $950m on Thursday, although bankers said companies that could offer liquid deals would find the going much easier.

New deals from Turkey’s Yapi Kredi, Majid Al Futtaim, and Russia’s State Transport Leasing Company this week prove that CEEMEA has finally shaken off any Brexit-related concerns and is now revelling in its apparent ‘safe haven’ status.

Argentine pulp and paper company Celulosa Argentina has announced initial price thoughts of 10% area for a $200m seven year non-call four senior unsecured bond as it eyes a debut cross-border transaction.

Compañía Latinoamericana de Infraestructura & Servicios (Clisa), the Argentine infrastructure group, will open books on a new seven year bond on Monday, according to a local filing.