AA 2000 Tries to Land Under 11

AA 2000 Tries to Land Under 11

Argentina Bonds

Aeropuertos Argentina 2000 (AA 2000) is out with 11% area yield guidance on a new 10-year NC5 bond expected to price as soon as today. The B2/B operator of 33 Argentine airports was heard having built a book of about $500m as of Tuesday afternoon, for the deal expected at $250m that could grow to $300m. Investors consider 11% appropriate for the regulatory risk and lack of liquidity, especially given covenants and security on offer. The bond features a maximum debt/Ebitda ratio of 3.0x in year 1

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