Linklaters advises on two Argentine cross-border bond deals, marking the reopening of this market

Linklaters has advised on two cross-border bond deals by Argentine companies, marking the reopening of this market after over two years of closure. 

On June 27, 2019 YPF S.A., Argentina’s largest company and a regional oil and gas leader, issued US$500m in 10-year 8.500% international notes. Partners Conrado Tenaglia and Matt Poulter led on the deal with a team including associates Alex Weaver, Emma Cano and foreign associate Madeleine Blehaut. The team acted as counsel to initial purchasers Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Itau BBA USA Securities, Inc. This was YPF’s first cross-border deal since December 2017. 

In addition, on July 18, 2019, Telecom Argentina S.A., the country’s second largest company and an integrated telecommunication and media player, issued U.S.$400 million in 7-year 8.00% international notes. Partners Conrado Tenaglia and Matt Poulter and associates Mimi Powell, Madeleine Blehaut and Justin Adamson acted as counsel to initial purchaser Citigroup Global Markets Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. This was Telecom Argentina’s first international bond issue since its merger with Cablevision.