Argentina

Argentina’s record-breaking return to international capital markets will be priced much tighter than many investors would have liked. But President Mauricio Macri is exactly the kind of leader EM investors have been looking for, so expect the deal to receive strong support in the aftermarket.

Argentina could hardly have asked for more from Monday’s book building for its return to international bond markets as investors rushed into the largest ever order book for an emerging markets deal.

With Argentina expected to announce its return to international bond markets as soon as today, European investors appear to be more demanding on pricing than their North American counterparts — not that this is likely to derail the sovereign’s plans to raise $12bn-$15bn.

Argentina is set for an emphatic return to international bond markets next week after a 15 year absence. It is set to be the most exciting turnaround story in emerging markets, said investors. But the country’s capital market rebirth will depend upon triumphant deal execution, writes Oliver West.

US Circuit judge Christopher Droney removed the final obstacle in Argentina’s path to markets on Wednesday, provoking a rally in the government’s that could scarcely have been better timed.

The decision by the IDB to grant a $5bn loan to Argentina has helped buoy confidence in the country ahead of its return to international capital markets after a 15-year absence with a $12bn-$15bn bond

Argentina, for over 15 years a pariah of international capital markets, will begin meeting fixed income investors on Monday with bond investors and bankers in bullish mood about what could be the largest EM debt issue for two decades.

Lat Am syndicate bankers said on Thursday that the market remained in wait-and-see mode ahead of Argentina’s imminent jumbo bond return as another week passed without issuance.

Argentine real estate company IRSA will buy back nearly $213.5bn of dollar denominated bonds after wrapping up a tender offer that will be financed by its recent bond deal.

Fitch upgraded Argentina's local currency rating from CCC to B on Tuesday thanks to an improved policy framework, and predicted it would do the same to the government’s foreign currency rating once the country resumes timely debt service on defaulted bonds.

Argentine state oil company YPF sold $1bn of five year notes at a new issue premium close to flat on Friday as the threat of an imminent flood of supply from Argentina did nothing to quell demand.

Real estate company IRSA CP this week became the latest Argentine issuer to raise debt in the international markets as bankers continue to work behind the scenes on the sovereign’s forthcoming return to markets.