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(Adds financial details including yield and planned capex cut)
BUENOS AIRES, March 18 (Reuters) - Argentina's state-controlled energy company YPF sold $1 billion worth of new five-year bonds at a yield of 8.5 percent on Friday, the company said, wrapping up its financing needs for the year.
Thomson Reuters IFR reported that demand for the issuance reached more than $3 billion, allowing lead banks Credit Suisse, JP Morgan and HSBC to squeeze pricing and launch at a yield inside the guidance rate of 8.75 percent.
Settlement will take place on March 23.
YPF plans to cut its capital expenditure by up to 25 percent this year to mitigate the impact of the global rout in oil prices and has said it would issue only a single new bond this year.
Optimism for an improving investment environment in the South American country as the government nears a deal over unpaid debt with holdout creditors has whetted the appetite for Argentine assets.
YPF's debt issue comes on the heels of a $360 million seven-year bond sale by real estate company IRSA Commercial Properties . (Reporting by Jorge Otaola and Paul Kilby for Thomson Reuters IFR; Writing by Richard Lough; Editing by Chris Reese and Matthew Lewis)