By Christine Van Dusen
Atlanta, April 19 – Argentina priced $16.5 billion of notes in four tranches due in three, five, 10 and 30 years (expected ratings: B3/B-) on Tuesday, a market source said.
The $2.75 billion three-year notes priced at par to yield 6¼%. The notes were talked at 6¼% to 6½% after initial talk in the 6¾% area.
The $4.5 billion five-year notes priced at par to yield 6 7/8%. They were talked at 6 7/8% to 7 1/8%.
The $6.5 billion 10-year notes priced at par to yield 7½%. The notes were talked at 7½% to 7 5/8% after initial talk in the 8% area.
The $2.75 billion 7 5/8% notes due 2046 priced at 95.758 to yield 8%, matching talk.
Deutsche Bank, HSBC, JPMorgan and Santander were the global coordinators for the Rule 144A and Regulation S deal. BBVA, Citigroup and UBS were the joint bookrunners.
The proceeds will be used to settle claims of holders of untendered debt and for general governmental purposes.
| Issuer: | Argentina
|
| Amount: | $16.5 billion
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank, HSBC, JPMorgan and Santander (global coordinators); BBVA, Citigroup, UBS
|
| Trade date: | April 19
|
| Expected ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Three-year notes
|
| Amount: | $2.75 billion
|
| Maturity: | 2019
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Price talk: | 6¼% to 6½%
|
|
|
| Five-year notes
|
| Amount: | $4.5 billion
|
| Maturity: | 2021
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Price talk: | 6 7/8% to 7 1/8%
|
|
|
| 10-year notes
|
| Amount: | $6.5 billion
|
| Maturity: | 2026
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Price talk: | 7½% to 7 5/8%
|
|
|
| 30-year notes
|
| Amount: | $2.75 billion
|
| Maturity: | 2046
|
| Coupon: | 7 5/8%
|
| Price: | 95.758
|
| Yield: | 8%
|
| Price talk: | 8%
|
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