UPDATE 2-Argentina revises pricing on dual-tranche euro offering
(Adds pricing details and quotes)
By Sudip Roy
LONDON, Oct 5 (IFR) - The Republic of Argentina has cut pricing on its first euro-denominated offering in 15 years.
The Latin American sovereign is marketing benchmark-sized bonds maturing in January 2022 and January 2027.
The long five-year is now being offered at a yield of 4.375% area and the long 10-year at 5.5% area.
That compares with initial levels of 4.5% area and 5.625% area.
The combined order book is in excess of 4bn, with no meaningful skew.
Investors said they are still keen on the sovereign despite heavy issuance already this year and even though recent economic data was poor. Argentina posted a fiscal deficit of US$2.46bn in August, about twice as high as the deficit during the previous August.
"Argentina is risking new issuance fatigue by coming back to the market more often than expected. Having said that, the appetite is still there and new issuance admissible given some setbacks on their fiscal consolidation plans," said Delphine Arrighi, portfolio manager at Old Mutual Global Investors. Continuación...