March 31, 2014 / 7:05 PM / in 4 years

Argentina's YPF sets initial guidance of 9 pct on 2024 bond

March 31 (Reuters) - Argentina’s state-controlled energy company YPF set initial guidance of just over 9 percent for the sale of up to $1 billion in 10-year global bonds, Thomson Reuters service IFR reported.

Investor demand for the bond that could launch as early as Tuesday in New York has exceeded $3.25 billion, IFR said on Monday. The expected ratings are CAA1/NR/B-.

According to IFR, YPF had mandated HSBC, Banco Itau and Morgan Stanley to hold investor meetings on Monday.

The deal comes as YPF is seeking to attract investment to the vast Patagonian shale oil and gas formation called Vaca Muerta, or Dead Cow.

Writing by Mitra Taj; Editing by Diane Craft

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