Argentina’s Impsa Postpones Dollar Bond Sale as Investors Balk
By Camila Russo & Veronica Navarro Espinosa - May 6, 2013 8:26 PM GMT+0200
Argentine wind-farm operator Industrias Metalurgicas Pescarmona SA postponed a dollar bond sale as investors demanded higher yields than the company was willing to pay.
Impsa, as the Mendoza, Argentina-based company is known, had been planning to sell five-year notes overseas to yield about 11 percent, Carla Paira, a press official, said in an e- mailed response to questions. Existing bonds due in 2020 tumbled, pushing yields up 1.08 percentage points to a four- month high of 13.35 percent at 1:30 p.m. New York time, according to data compiled by Bloomberg.
“There was lack of agreement between the company and the investors over the pricing,” Paira wrote. “Impsa will keep monitoring the market in search of new opportunities.”
The company had hired Barclays Plc, Banco Bradesco SA and UBS AG to arrange meetings with investors from April 29 to May 1, according to a person familiar with the discussions who asked not to be identified because the meetings were to be private. Argentine companies haven’t borrowed in overseas debt markets since May 2012.
To contact the reporters on this story: Camila Russo in Buenos Aires atcrusso15@bloomberg.net; Veronica Navarro Espinosa in New York atvespinosa@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos atpapadopoulos@bloomberg.net
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