Argentina Auto Lender Preps Local Issue

GPAT has been approved by its board to issue up to ARP250m ($50m) in Argentina’s domestic bond markets. The auto lender will look to issue a 1.5-year bond, in addition to 9-month paper, according to people familiar with the company’s plans. The company will look to issue in March or April, with funds headed to buy new cars from General Motors Argentina. The capital markets arm of Banco Patagonia, GPAT’s parent company, will lead the deal. GPAT last issued under similar terms in January. It has a global program of up to ARP800m, which was upsized to ARP1.5bn in May.