Argentina’s Naranja Set to Place Bond

Tarjeta Naranja, the Argentine credit card company owned by Banco Galicia, plans a $200m 2017 bond, according to investors. The B rated credit is expected to issue today or tomorrow. After meeting buyers on 3 continents, it has settled on a bond amortizing in 3 equal installments in years 4, 5, and 6. Proceeds are marked for general corporate purposes. BAML and Deutsche are managing. Tarjeta Naranja has issued several times in Argentina’s domestic market. Its most recent foray was for $50m in dollar-denominated 2010 and 2011 bonds. It is one of several Argentine issuers expected in the early part of this year, a list which also includes real estate firm Raghsa, cable company Cablevision, and city of Buenos Aires and the Neuquen province.