Tarjeta Naranja Selects Banks

Argentina’s Tarjeta Naranja (TN) has mandated Deutsche Bank and Bank of America Merrill Lynch to lead a $100m retap of its fixed-rate 2017 notes, according to a company spokesperson. In January, Argentine credit card company raised $200m from the sale of a new 2017 bond with the same mandated banks, pricing it at par to yield 9%. The reopening would bring the outstanding size to $300m.Tarjeta Naranja is 80% owned by Banco de Galicia, the third largest private sector bank in Argentina by deposits. First established in the Province of Cordoba, the company offers its own branded cards, as well as Visa, MasterCard, and American Express, to the middle class. It is Argentina’s second largest credit card provider. Fitch has assigned a long-term foreign rating of B for the upcoming retap.