Argentina returns to bond market with listings on Luxembourg Stock Exchange

en

The Luxembourg Stock Exchange (LuxSE) listed and admitted to trading a sovereign bond issue from the state of Argentina on 4 May, the first new debt issuance from Argentina since 2001.

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04/05/2016 |
  • Bourse de Luxembourg

The bonds are listed on the Euro MTF market of LuxSE. With a total amount of USD 16.5 billion issued, this is the largest emerging market single day issuance on record. Take up for the issue was considered a significant success, being four times oversubscribed on the primary market. This listing continues a recent trend by Latin American sovereigns as it becomes the 13th Lat-Am bond and the 9th Lat-Am country to list on LuxSE in 2016.

USD 9.3 billion of the proceeds will be used to settle unpaid debt from the 2001 default. This is expected to lower funding costs for Argentina, attract investment and spark economic growth. The remainder of the proceeds will be used for general purposes of the government.

The bonds listed in Luxembourg are:

  • USD 1.11 billion maturing in 2019 with a 6.25% coupon (ISIN US040114GZ77)
  • USD 1.64 billion maturing in 2019 with a 6.25% coupon (ISIN USP04808AG92)
  • USD 2.13 billion maturing in 2021 with a 6.875% coupon (ISIN US040114GQ78)
  • USD 2.37 billion maturing in 2021 with a 6.875% coupon (ISIN  USP04808AA23)
  • USD 2.65 billion maturing in 2026 with a 7.5% coupon (ISIN  US040114GS35)
  • USD 3.85 billion maturing in 2026 with a 7.5% coupon (ISIN  USP04808AC88)
  • USD 1.61 billion maturing in 2046 with a 7.625% coupon (ISIN  USP04808AE45)
  • USD 1.14 billion maturing in 2046 with a 7.625% coupon (ISIN  US040114GU80)

Global coordinators and joint bookrunners for the issue were Deutsche Bank Securities, HSBC, J.P. Morgan and Santander.

LuxSE currently lists 106 bonds for 29 Argentine issuers, including regional and local authorities. In total, around 70 countries list some 750 sovereign bonds on LuxSE.

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