YPF gains audience but market access limited in Argentina

YPF
By Oliver West
03 Apr 2014

State-owned oil company YPF’s blowout bond issuance this week is a promising sign for other Argentine issuers in a country in critical need of dollars. But the list of those that potentially have market access is short, warn investors, despite a rally in Argentine debt in the past week.

Investors were full of praise for government-owned YPF’s strategy of returning to capital markets bit-by-bit following a 15 year period in the cold. Indeed the borrower paid a lower yield for its new 10 year deal than it did for a five year in December.

And one banker ...

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