BA Aims Under 12%

The Province of Buenos Aires, on the road in the US and Europe through today, is whispering 11.5%-12.0% yield guidance for a new 5-year bond, according to investors. Deutsche Bank and Bank of America Merrill Lynch are managing the process, which could raise up to $500m. The province is rated B3, and pursuing its first cross-border issue since a $400m 9.625% of 2028 issue in 2007, according to Dealogic. The B3 rated Cordoba province paid 12.375% for a $400m 2017 bond last month.