City postpones setting of Tango bond

Buenos Aires City government has decided to postpone the offer of a $415 million dollar bond because of the current volatility in the market, Treasury Secretary Néstor Grindetti stated

The City administration will maintain the contact with the banks to evaluate the conditions for a potential emission, he continued.

“We are going to wait until next week. Everything is too volatile. We’d rather wait a bit for a new placement, wait to see what happens with the deal in Greece. The conditions are not yet given to issue the bond.”

Barclays Capital, BTG Pactual and Citi had won the mandate to organize a series of meetings with the US and European fixed rent market’s investors.

The City is trying to issue a new series of its Tango bonds for $415 million pesos to finance infrastructure works.