YPF Opens Local Sale

Argentina’s YPF has opened the offering period for up to ARP1.2bn ($258m) in 3-year local bonds, it says, as part of a ARP1.35bn sale that also includes short-term debt of up to 18 months. Pricing is set for September 12, the state-owned oil company says. The sale comes under a $1bn shelf, and is led by BACS, BBVA Banco Frances, Banco de Galica y Buenos Aires, Banco Macro, Santander Rio and Nacion Fideicomisos. Faced with large capex needs, YPF has indicated that it plans to sell up to ARP3.5bn 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. The issuer is also preparing to engage international investors, with an eye on a possible issuance next year.