Banco Macro Bond Deal Bites the Dust

Banco Macro Bond Deal Bites the Dust

Argentina

Argentina's Banco Macro has pulled a $200m 2014 unsubordinated bond issue amid a lack of interest from investors. It is not clear whether Macro will reattempt a deal this year, if at all, though people close to the issue say the subscription period has been extended for 90 days. Observers attribute failure to launch to yesterday's poor market conditions, highlighted by a 2.6% drop in the Dow. That Macro has a lot of outstanding debt made it easier to walk away, they added. "I don't expect a new

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