January 13, 2017 |
YPF Swiss franc bond
Argentine oil company YPF has deepened its presence in global capital markets since making a cautious return to bond issuance, for the first time in over a decade, in late 2013. It has subsequently grown its cross-border issuance program, tapping international investors for $1.75 billion in dollar-denominated paper last year alone.
In September, the partially state-owned company pushed the boundaries on its borrowing strategy further, with a stand-out 300 million Swiss franc bond.
Well known for their conservatism, Swiss investors rarely look at sub-investment grade borrowers. Indeed, YPF's deal marked the first time in five years that a junk-rated LatAm company had is
This sub-investment grade borrower found strong appetite among Swiss buyers for its debut in the European currency