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CAPITAL MARKETS

Argentina: Argentine bond mart expected to perform strongly

Airports deal ended year in style; Infrastructure issuance a rising trend

Last month, Aeropuertos Argentina raised $300 million in a cross-border bond that was well received by investors, with orders reportedly hitting $1.8 billion. Since the Republic of Argentina completed a debt exchange in September 2010 more than $2 billion of corporate bond issuance and $2 billion of provincial and municipal debt has been sold in the international markets. With a sovereign bond set to follow this year, creating a new benchmark for the country, the prospects for Argentine issuance are strong – especially if low real interest rates in the developed markets continue to attract yield-hungry investors to emerging markets.

25% the current Argentine inflation rate

 the current Argentine inflation rate

The Aeropuertos Argentina deal was increased in size from the $250 million that had been marketed on a three-continent roadshow. The transaction was led by Credit Suisse and Morgan Stanley, with Banco Macro running the domestic-market portion. The coupon is 10.75%, with 70% going to accounts in the Americas, 20% to Europe and 10% to Asia. The deal is collateralized by 47% of international and regional passenger-use fees and 85% of revenues from duty-free sales.

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