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Argentine state-owned energy company YPF SA could return to the global bond market and issue $1bn in 7Y bonds secured by its export revenues, according to sources. The new bond issue will help the company complete the bond buyback offer, announced last Friday (5 Jan 2024), to repay its 8.75% April 2024 notes with an outstanding principal of $346mn. The buyback expires on 5 February and has an early tender deadline of 19 January.
In other news, the Argentina government is also looking to raise $3.2bn via issuance of 10-year debt to the central bank in order to meet its debt repayment obligations to private creditors. Manuel Adorni, the Presidential spokesman added that the move will not damage the central bank’s financial position. Last week it was reported that an IMF delegation is set to visit Argentina for the seventh review of its $44bn bailout programme; an agreement could eventually unlock some $3bn for Argentina.
YPF’s April 2024 notes traded marginally higher to 99.6 cents on the dollar, yielding 10.1%.
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