Chubut Clinches Oil ABS

Chubut Clinches Oil ABS

Argentina Structured Finance

Argentina’s Chubut province has priced a $150m 2020 bond backed by oil and gas royalties. A $104m global piece priced at 91.87 with a 7.75% coupon to yield 9.75%, and a $46m domestic tranche came at 93.00 with the same 7.75% coupon to yield 9.46%. Demand was heard at about $160m. The province had been pitching since June the bond primarily backed by hydrocarbon royalties to be paid by Pan American Energy, which has been awarded the production concession for certain areas in the province. It

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