Argentina’s Neuquén Province makes first treasury bills issuance with adjustable capital by CER
On July 28th, the province of Neuquén issued AR$7,000,000,000 in series IV treasury bills under the province’s global treasury bills program for 2021.
This was the first Argentine issuance with capital adjustable with the variation of the Reference Stabilization Coefficient (CER) to follow the enactment on July 7th of fiscal consensus law No. 27,634.
Additionally, it was the first issuance in the Argentine capital market of securities denominated and payable in pesos, adjustable on an equivalent amount in dollars.
The total amount issued for series IV was AR$4,622,768,649 divided into three classes maturing between February 2022 and July 2023.
The treasury bills series IV are secured with resources under the Federal Tax Co-Participation Regime paid to the province, located in the west of the country.
Banco Provincia del Neuquén S.A. acted as principal arranger and placement agent; Banco de Galicia y Buenos Aires S.A.U. and Banco Macro S.A. served as co-arrangers; while AdCap Securities Argentina S.A., Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A.U., Banco de Servicios y Transacciones S.A., Banco Patagonia S.A., Compañía Financiera Argentina S.A. and Macro Securities S.A. acted as co-placement agents.
Tanoira Cassagne Abogados advised the Province, through a team led by partners Alexia Rosenthal and Jaime Uranga and associates Juan Sanguinetti, Pilar Domínguez Pose and Francisco Rojas Andri.
Bruchou, Fernández Madero & Lombardi advised the co-arrangers and co-placement agents, through partner Alejandro Perelsztein and associates Cristian Ragucci and Manuel Etchevehere.
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