FINNEWS LATAM-Argentina's YPF sells $734 mln more in local bonds

Wed Dec 19, 2012 9:22am EST

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Argentine energy company YPF has sold medium-term local bonds equivalent to $734 million, the latest in a series of debt sales aimed at funding a five-year investment plan to boost oil and natural gas output by almost a third.

YPF, nationalized earlier this year, had offered up to 4.5 billion pesos ($919 million) in either 2016 fixed rate, dollar-linked bonds or 72-month, variable rate peso bonds.

In a statement to Buenos Aires Stock Exchange, the company said it sold $258 million in the 2016 bond, which is payable in pesos but linked to the dollar's level on the official foreign exchange market to protect against depreciation. The bond carries a rate of 6.25 percent.

It issued 2.33 billion pesos ($476 million) in the 72-month paper, which will pay the benchmark Badlar rate plus 475 basis points. That represents about 20 percent per year currently.

Local financial newspaper El Cronista cited unnamed sources as saying the Anses state pensions agency absorbed 62 percent of the bonds sold.

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