YPF Preps Non-Deal RS, Local Debt

Argentina’s YPF is planning a non-deal roadshow in September as it seeks to test investor appetite ahead of what it hopes could result in a bond transaction as soon as the first quarter of 2013, according to its new CEO Miguel Galuccio. He declined to provide further details, in a conference call with reporters on Thursday. Meanwhile, the state-controlled oil and gas company will launch a local bond sale next week in a multiple tranche domestic transaction. Faced with large capex needs, YPF has indicated it plans to sell up to ARP3.5bn ($760m) in domestic bonds. YPF also plans to ask for approval to expand its debt program by $2bn, it says, and will put the matter to a shareholder vote September 13. The authorization would come in addition to the $1bn for which it is already authorized.