AMERICAS

摘要

Banco de galicia y buenos aires, rated B3/B-, broke new ground last week when it sold a US$250m 10-year non-call five - the country's first-ever Basel Ⅲ compliant, Tier 2 bond. The deal, rated Caal/CCC, drew a decent crowd as investors sought to gain exposure to one of the country's largest banks and to a sector that is likely to benefit from President Mauricio Macri's market friendly policies. Price discovery was somewhat tricky however, given the lack of comparables in Argentina and elsewhere in Latin America.