Winds blow in La Rioja’s favour for tap

EDF Luminus source EDF 230x150
By Oliver West
07 Dec 2017

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.

Leads UBS and Puente set initial price thoughts of high 7% for the tap of B+/B rated La Rioja’s 9.75% amortising February 2025s, which were initially issued for $200m at 98.834, with a yield of 10%, in February.

Even then, credit analysts thought that the double digit return ...

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