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
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