Argentine companies raise record $6.2 billion in first four months

Argentina's capital market experienced its most robust performance in over a decade during the first four months of the year, as companies collectively raised more than $6.2 billion. This significant influx of corporate financing is attributed to a combination of macroeconomic stability and a resurgence of interest from both local and international investors in Argentine firms.

The total volume of operations reached 142 issuances, marking the second-highest figure in the historical series since 2015, surpassed only by 2018. Corporate negotiable obligations were the primary drivers of this activity, accounting for the largest share of the market with a record $5.586 billion raised through 100 separate placements. Notably, 89.5% of these issuances were denominated in U.S. dollars, totaling $4.962 billion.

International debt offerings also showed strength during this period. Despite a lack of new overseas placements in March due to uncertainty following the Middle East conflict, eight international operations were completed in the first quarter, raising $3.069 billion. This represents the highest volume and nominal amount for this period in the last three years.

Juan Tripier, director of PwC Argentina's Deals practice, commented, "The Argentine capital market continues to increase primary issuance levels, driven by greater stability in macroeconomic conditions along with high investor appetite, local and international, for corporate instruments." Financial trusts also extended their recovery trajectory, totaling $630 million across 42 primary issuances, an 11% year-on-year increase in transaction volume.

The segment for small and medium-sized enterprises (SMEs) also demonstrated notable performance, with SME negotiable obligations reaching $39 million when adjusted by the "contado con liquidación" (CCL) dollar rate, representing the best performance in that segment.

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The Argentine capital market continues to increase primary issuance levels, driven by greater stability in macroeconomic conditions along with high investor appetite, local and international, for corporate instruments.