Key Facts
—The trend. Argentina’s private energy firms are borrowing abroad again, led by producers tied to the Vaca Muerta shale basin.
—The benchmark. Pampa Energía reopened a 2037 bond in May, taking it to $950m and its tightest-ever spread of 315 basis points.
—The peers. Tecpetrol raised $750m in New York and YPF completed about $1.2bn in international financing.
—The gap. The state itself still lacks market access, with country risk hovering around 500 basis points and bonds mostly paid in cash.
