YPF return impresses but unlikely to trigger Argie flow

YPF
By Oliver West
25 Jun 2019

State-owned Argentine oil and gas company YPF became the first borrower from the country to tap international bond markets in 14 months on Monday. Yet despite a healthy reception from investors, bankers do not expect copycat trades from other Argentine issuers.

B2/B/B rated YPF announced initial price thoughts of low 9% area on Monday morning and built an order book of $2.2bn, allowing the company to offer guidance of 8.875% plus or minus an eighth.

Citi, HSBC and Itaú, leading the trade, were able to launch a $500m ...

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