Alto Palermo Clinches $170m

Argentine shopping mall developer Alto Palermo, a subsidiary of real estate investment firm Cresud, raised $170m in two tranches of bonds rated B+/B+ by Fitch/S&P. The $120m in 10-year bullets priced at 7.875%, the tight end of 8% guidance. The $50m in 5-year peso-linked bonds priced at par to yield 11.000% versus 11.375% talk. Citi had sole books with Standard Bank as joint-lead.