Argentine Provinces Head Out To Market

The Argentine Province of Mendoza is the country’s third province hoping to tap international markets to raise funds. Mendoza is hoping to raise up to $500 million, more than the $250 million Neuquén is looking for or the $300 million Buenos Aires expects. In 2004, Mendoza closed the debt swap for its Aconcagua bond, successfully exchanging $235 million of the $250 million outstanding in the market for its new bond Mendoza 18 or New Aconcagua. Mendoza will be no doubt be watching with interest as Buenos Aires leads the way to market some time in the first two weeks of October.