Aeropuertos Argentina 2000 (AA2000) Aeropuertos Argentina 2000
(AA2000) proved that a solid structure can make all the
difference when selling to a wary investor base. Its $300
million receivable-backed 10-year non-call five may have been
relatively small, but it lured a large crowd and still
outperformed in the secondary markets at a time when other
Argentine credits headed south.
STRUCTURED FINANCING - Solid Structures
AA 2000’s $300m 10.75% 2020
Long in the works, the mandate for the Argentine airport
concessionaire’s international bond debut had been
tossed around from bank to bank until it landed in the laps of
Credit Suisse and Morgan Stanley, which eventually got the deal
to fly by incorporating elements from a variety of structures,
including DPRs and a similar trade from Lima Airport
Selling an Argentine credit is arguably...
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