YPF issues oversubscribed billion dollar bonds


Argentina’s state-owned energy company, YPF, has sought counsel from Estudio O’Farrell Abogados in Buenos Aires and Chadbourne & Parke LLP in New York to issue bonds worth US$1 billion on the international capital markets, as demand for Argentine debt rises.

Tanoira Cassagne Abogados in Buenos Aires and Milbank, Tweed, Hadley & McCloy LLP in New York represented the initial purchasers and placement agents for the transaction, which closed on 23 March.

YPF’s offering was three times oversubscribed, despite the price of oil stuck at US$40 per barrel. Investor interest in the country is rising following the election of centre-right President Mauricio Macri and the resolution of Argentina’s 15-year battle with holdout funds.

YPF says the issuance covers its outstanding budgetary costs for 2016.

Counsel to YPF

In-house counsel – Fernando Gómez Zanou, Lorena Sánchez, Valeria Moglia and Melissa Rollhauser

Estudio O’Farrell Abogados

Partners Uriel O’Farrel and Sebastián Luegmayer and associate María del Rosario Schiaffi in Buenos Aires

Chadbourne & Parke LLP

Partner Talbert Navia, associates Nicolas Ferre and Jacqueline Hu, and international lawyer Nelson Kenji Murakami in New York

Counsel to Credit Suisse Securities, HSBC Securities, JP Morgan Securities and JP Morgan Chase Bank

Tanoira Cassagne Abogados

Partner Alexia Rosenthal and associates Rocio Carrica, Ignacio Nantes and Leopoldo López Obregón in Buenos Aires

Milbank, Tweed, Hadley & McCloy LLP

Partner Carlos Albarracín, associate Felipe Camara and international associate Tathyane Vosgerau in New York

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