Latin Finance - September/October 2010 - 45

argentine borrowing

portion of assets abroad, and Irsa, miner Aluar, and generator Impsa are wellknown to international markets, as is Telefónica Argentina. Some larger financial institutions, such as Banco Macro or Banco de Galicia, have raised funds abroad in the past, though Argentina’s inflation and other economic challenges might complicate issuance. “We don’t expect a boom in corporate issuance as a consequence of the exchange,” says Daniela Cuan, a corporate credit analyst at Moody’s. “I don’t think it will substantially change the situation for the companies in Argentina.” “We will see some candidates, but the universe of Argentine corporates is very small,” says Diego Torres, corporate debt analyst at Santiago-based brokerage Munita, Cruzat y Claro. Oil companies like Pan American, YPF Repsol and Petrobras Energia, who are able to hedge their positions, as well as miners like

Aluar, are best positioned, he adds. Toll roads and utilities are less likely.

Positive Image

“The general trend is for the market to want to be long in Argentina,” says Juan Cruz, head of LatAm and EEMEA corporate credit research at Barclays, one of the leads on the sovereign restructuring. “For now, the momentum is there. There is bullishness on Argentine growth, and that they came out of this restructuring with a more positive image is going to benefit issuance for Argentine corporates.” He says large oil and gas companies are among the most prepared. Telecoms like Telefónica would also be able to tap. Agricultural companies are another possibility in a compelling sector, though their international borrowing might be complicated by the fact that most are debut issuers. The telecom has a $150 million

maturity due this year, according to Credit Suisse data, and $118 million due in 2011. Petrobras Energia has $132 million coming due next year. “The Argentine corporate market was not extremely deep, the way Brazilian or Mexican markets were, but these are different times,” Cruz says. “Maybe we will see companies that have never come to market before. I think people will be open to that.” Having a unique individual profile and solid track record is what distinguishes a company from problems that the central government may be having, says Gabriel Blasi, CFO at Irsa. “The company has been issuing for years, and in 2001 when Argentina began to have problems, Irsa was one of the first three companies to resolve their situations without entering default,” says Blasi. “The market remembers this.” “Today there are perhaps about 13 or 14 Argentine companies that are

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September/October 2010

LatinFinance 45



Latin Finance - September/October 2010

Table of Contents for the Digital Edition of Latin Finance - September/October 2010

Latin Finance - September/October 2010
Contents
Investment Banking Fees
Stanley Motta
Compensation Survey
Bill Rhodes
Private Equity Fees
Investing in Venezuela
Argentine Borrowing
Brazil Investor Report
Inside Banco do Brasil
Mexico Investor Report
Temasek talks LatAm Strategy
Latin Finance - September/October 2010 - Latin Finance - September/October 2010
Latin Finance - September/October 2010 - Cover2
Latin Finance - September/October 2010 - Contents
Latin Finance - September/October 2010 - 2
Latin Finance - September/October 2010 - 3
Latin Finance - September/October 2010 - 4
Latin Finance - September/October 2010 - 5
Latin Finance - September/October 2010 - 6
Latin Finance - September/October 2010 - 7
Latin Finance - September/October 2010 - 8
Latin Finance - September/October 2010 - 9
Latin Finance - September/October 2010 - 10
Latin Finance - September/October 2010 - 11
Latin Finance - September/October 2010 - Investment Banking Fees
Latin Finance - September/October 2010 - 13
Latin Finance - September/October 2010 - 14
Latin Finance - September/October 2010 - 15
Latin Finance - September/October 2010 - 16
Latin Finance - September/October 2010 - 17
Latin Finance - September/October 2010 - 18
Latin Finance - September/October 2010 - 19
Latin Finance - September/October 2010 - 20
Latin Finance - September/October 2010 - 21
Latin Finance - September/October 2010 - Stanley Motta
Latin Finance - September/October 2010 - 23
Latin Finance - September/October 2010 - 24
Latin Finance - September/October 2010 - 25
Latin Finance - September/October 2010 - Compensation Survey
Latin Finance - September/October 2010 - 27
Latin Finance - September/October 2010 - 28
Latin Finance - September/October 2010 - 29
Latin Finance - September/October 2010 - 30
Latin Finance - September/October 2010 - 31
Latin Finance - September/October 2010 - 32
Latin Finance - September/October 2010 - 33
Latin Finance - September/October 2010 - Bill Rhodes
Latin Finance - September/October 2010 - 35
Latin Finance - September/October 2010 - Private Equity Fees
Latin Finance - September/October 2010 - 37
Latin Finance - September/October 2010 - 38
Latin Finance - September/October 2010 - 39
Latin Finance - September/October 2010 - 40
Latin Finance - September/October 2010 - 41
Latin Finance - September/October 2010 - Investing in Venezuela
Latin Finance - September/October 2010 - 43
Latin Finance - September/October 2010 - Argentine Borrowing
Latin Finance - September/October 2010 - 45
Latin Finance - September/October 2010 - 46
Latin Finance - September/October 2010 - 47
Latin Finance - September/October 2010 - 48
Latin Finance - September/October 2010 - 49
Latin Finance - September/October 2010 - 50
Latin Finance - September/October 2010 - 51
Latin Finance - September/October 2010 - 52
Latin Finance - September/October 2010 - 53
Latin Finance - September/October 2010 - 54
Latin Finance - September/October 2010 - 55
Latin Finance - September/October 2010 - Brazil Investor Report
Latin Finance - September/October 2010 - 57
Latin Finance - September/October 2010 - 58
Latin Finance - September/October 2010 - 59
Latin Finance - September/October 2010 - 60
Latin Finance - September/October 2010 - 61
Latin Finance - September/October 2010 - 62
Latin Finance - September/October 2010 - 63
Latin Finance - September/October 2010 - 64
Latin Finance - September/October 2010 - 65
Latin Finance - September/October 2010 - Inside Banco do Brasil
Latin Finance - September/October 2010 - 67
Latin Finance - September/October 2010 - 68
Latin Finance - September/October 2010 - 69
Latin Finance - September/October 2010 - 70
Latin Finance - September/October 2010 - 71
Latin Finance - September/October 2010 - 72
Latin Finance - September/October 2010 - 73
Latin Finance - September/October 2010 - 74
Latin Finance - September/October 2010 - 75
Latin Finance - September/October 2010 - 76
Latin Finance - September/October 2010 - 77
Latin Finance - September/October 2010 - 78
Latin Finance - September/October 2010 - 79
Latin Finance - September/October 2010 - 80
Latin Finance - September/October 2010 - 81
Latin Finance - September/October 2010 - Mexico Investor Report
Latin Finance - September/October 2010 - 83
Latin Finance - September/October 2010 - 84
Latin Finance - September/October 2010 - 85
Latin Finance - September/October 2010 - Temasek talks LatAm Strategy
Latin Finance - September/October 2010 - 87
Latin Finance - September/October 2010 - 88
Latin Finance - September/October 2010 - 89
Latin Finance - September/October 2010 - 90
Latin Finance - September/October 2010 - 91
Latin Finance - September/October 2010 - 92
Latin Finance - September/October 2010 - 93
Latin Finance - September/October 2010 - 94
Latin Finance - September/October 2010 - 95
Latin Finance - September/October 2010 - 96
Latin Finance - September/October 2010 - Cover3
Latin Finance - September/October 2010 - Cover4
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