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| Brighter days ahead for the
world’s former financial pariah |
Argentina returned to international capital markets in late
April, issuing $16.5 billion in bonds. Local and US counsel are
cautiously optimistic, seeing both opportunity and challenges
ahead.
The issuance follows the Argentinian Senate's approval in
March of an agreement reached between the government and the
country's remaining holdout bondholders.
"Argentina is back, after 14 years of being locked out of
international capital markets. We are now in the financial
world again," said Hugo Bruzone, partner at Bruchou
Fernández Madero & Lombardi.
Significantly, appetite for the bond issue was also high,
being oversubscribed five times. "That's a really good
outcome," said José Maria Bazán, a partner at the
same firm, and US counsel have taken note.
"That's not a record, but it is pretty big when you're
speaking about $16 billion dollars. It's illustrated the
appetite for emerging market sovereign...