Argentina’s Hipotecario taps international capital markets

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Argentina’s Hipotecario taps international capital markets

Argentina’s Banco Hipotecario has hired Simpson Thacher & Bartlett LLP in New York and Zang, Bergel & Viñes Abogados in Buenos Aires to steer a cross-border notes offering worth US$200 million.

Shearman & Sterling LLP in New York and Bruchou, Fernández Madero & Lombardi in Buenos Aires advised the initial purchasers, while US-based Perkins Coie LLP and local firm Tanoira Cassagne Abogados represented Deutsche Bank as trustee.

The transaction, which closed on 30 November, shows there is international investor interest in Argentine risk, following the Argentine presidential elections last month that saw pro-business centre-right candidate Mauricio Macri elected. The offering marks the first time Banco Hipotecario has issued debt abroad since 2007.

Banco Hipotecario used a portion of the issuance’s proceeds to launch a cash tender for notes due in 2016, worth US$250 million. A securities filing published on 1 December shows the bank bought back nearly half of the securities issued under that programme.

Counsel to Banco Hipotecario

Simpson Thacher & Bartlett LLP

Partners David Williams and Jaime Mercado, counsel Kirsten Davis and Jonathan Cantor, and international associate Edgard Pascarelli de Assumpção in New York

Zang, Bergel & Viñes Abogados

Partners Carolina Zang and Carolina Arroyo, and associates Pablo Schreiber, Francisco Bereciartúa and María Eugenia Benitez in Buenos Aires

Counsel to Merrill Lynch, Pierce, Fenner & Smith Incorporated and Itau BBA USA Securities

Shearman & Sterling LLP

Partner Antonia Stolper and associates Kevin Younai and Alejandro Garcia in New York

Bruchou, Fernández Madero & Lombardi

Partner Hugo Bruzone and associates Alejandro Perelsztein, Javier Swiszcz and Agustin Bauer in Buenos Aires

Counsel to Deutsche Bank

Perkins Coie LLP

Partner Ronald Sarubbi and counsel Michael Fruchter in New York

Tanoira Cassagne Abogados

Partner Alexia Rosenthal and associates Rocio Carrica and Ignacio Nantes in Buenos Aires