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First Argentine Asset-Backed Deal Since '07 Spurred by Province Oil Wealth
Bloomberg
July 20, 2010

Argentina's biggest crude-producing province is selling the country's first oil and gas-backed securities since 2007 in a bid to borrow at lower rates in international debt markets.

Chubut is issuing this week $150 million of 10-year notes backed by royalties paid by BP PLC-controlled Pan American Energy LLC, Argentina's biggest oil exporter, the province said in an advertisement published in El Cronista yesterday.

The Patagonian province, the second Argentine issuer to tap overseas debt markets since the federal government restructured $12.9 billion of defaulted debt last month, plans to pay an interest rate of 7.75 percent on the oil-backed notes, 375 basis points, or 3.75 percentage points, less than the coupon on bonds sold by IRSA Inversiones y Representaciones SA, Argentina's biggest real estate developer, earlier this week.

For the full text of the article, visit: http://bit.ly/buyByT

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