Republic of Argentina $2 billion 20-year global bond: Merrill Lynch, JP Morgan
This was conceived as part of a two-tranche transaction that would have included a five-year issue. But the shorter maturity was dropped in response to demand for longer-duration debt as investors ventured along the yield curve. The timing and scope of the deal could hardly have been better. “It caught the wind perfectly,” says one banker.
The enthusiastic response convinced some bankers that a transformation was occuring in investors’ attitudes to emerging market debt, especially to Latin borrowers.
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