Borrowers: Borrowers start to play a strategic game
As well as extending the maturity of its debt, diversifying the international investor base and developing its domestic treasury markets, the economy ministry has another important item on its agenda over the next two years – to press Argentina’s case for an investment grade credit rating.
The ministry recognizes that, however efficient it is in accessing new markets and widening the investor base, the critical issue on funding costs will be the jump from double-B to triple-B, which typically allows a borrower to shave 100 basis points and more off the spread on its new issues.
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