Argentina

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.

Argentine confectionary group Arcor, the best rated issuer in Argentina, is likely to announce a bond imminently, after it mandated a trio of banks to run a benchmark dollar issue.

Argentine province Salta paused bond plans this week because of Brexit uncertainty. Don’t expect it to wait long though: overall, global market pain is Argentina’s gain.

The decision from the Argentine province of Salta to wait a few days before returning to bond markets this week (see separate story) did nothing to dampen bankers’ enthusiasm for Argentina as three more borrowers joined the new issue pipeline.

A confectionary company and the third largest province in Argentina are set to ensure that the country remains the centre of new issue activity in Latin America.

Argentine pulp and paper company Celulosa Argentina has received approval from its board for a second attempt to issue international debt after the company’s CEO told directors that there would be appetite for new bonds thanks to the “new context” in capital markets.

The Argentine province of Salta will meet bond investors this week as it looks to become the latest in a line of sub-sovereigns from the country to offer international bonds.

A bond issued by Argentine pay TV and broadband provider Cablevision was the clear outperformer in a busy week for Latin American new issues as bankers said hunger for Argentine names was as strong as ever.

Pay TV and broadband provider Cablevision sold the first true corporate bond from Argentina since the sovereign exited default in April, raising $500m on the same day the Province of Buenos Aires hit the market for the second time this year.

The Province of Córboda sold $725m of five year bonds on Friday after tightening pricing by three eighths versus initial price thoughts, making it the tightest new issue from an Argentine province this year.

The Argentine province of Córdoba is looking to sell a five year bond inside its provincial peers and only just wide of the City of Buenos Aires after announcing initial price thoughts of mid 7% for a new five year dollar benchmark.

Argentine cable company Cablevision will begin meeting investors on Thursday ahead of a planned $500m bond issue.