YPF bonds may trade excessively tight to a sovereign still in the throes of a legal battle with holdout creditors, but the recently renationalised oil company is likely to benefit from renewed bullishness towards Argentina as it prepares to return to market with a bond offering of up to USSlbn. A series of market-friendly moves have the buyside and Wall Street banks excited about a possible turnround story in Argentina following the presidential elections in 2015 and as a result asset prices have clawed back many of the losses incurred in the wake of a peso-devaluation in late January.
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