August 7, 2013
Argentina’s sub-sovereign borrowers maintained some international bond market access through last year. Those same credits are turning to the domestic markets in 2013, often for dollar funds
Buenos Aires last issued internationally in 2011, when it
was one of several Argentine provinces making use of the international market
even while it remained firmly closed to the sovereign. Mendoza and the City of
Buenos Aires were also in that group. Each hit the local market in May of
this year – Mendoza
for $95 million and BA
for $216 million in an upsized, well-bid sale.
Chubut, which successfully sold a $150 million oil revenue-backed
ABS in 2010, is heard to be among the next provincial issuers bond for the
On the corporate side, Arcor, one of the few Argentine
coprorates with recent international access, tapped
local investors last month. Edesa was the last Argentine issuer to tap the
international markets, in May of last year. Industrias Metalurgicas Pescarmona
(IMPSA) met international investors this year, though held off on issuing.