IMPSA Refi Hits Wide End

IMPSA Refi Hits Wide End

Funds

Argentina’s IMPSA has raised $275m to help fund a tender offer for old debt, at the wide end of guidance and higher than the $250m set minimum. The issue through its WPE unit was heard trading at reoffer to slightly down Wednesday afternoon, according to investors. “Bonds that have been expensive have started to trade down,” notes a participating EM investor, hopeful this may mean more attractive levels for upcoming issuance. The B3 2015 priced at 97.550 with a 10.375% coupon, to yield 10.750%,

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