Jun
11
Banco Macro and Banco Galicia announce the successful placement of the Province of Neuquén Treasury Bonds
Buenos Aires, May 27, 2014. The Government of the Province of Neuquén placed Provincial Treasury Bonds in the amount of ARS$ 400 million in the Argentine financial market.
The Ministry of Economy and Public Works, Mr. Omar Gutiérrez, informed that the Province obtained a significant financing and that the offers received largely exceeded the expectations.
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In the frame of the Treasury Bonds Issue Program Issued by Provincial Decree No. 102/14, the Ministry of Economy and Public Works launched two new tender programs for an aggregate amount of ARS$ 400 million.
The Bonds are secured with funds stemming from the Federal Taxes Co-Sharing Program (Coparticipación Federal de Impuestos). Bonds Class 1, denominated in Argentine pesos, mature 24 months from the date of issue thereof, and Class 2 Bonds, denominated in US Dollars, mature 30 months from the date of issue thereof.
Bids were received for an amount in excess of ARS$ 610 million, through Mercado Abierto Electrónico S.A., the amount of ARS 200 million being awarded, at a margin of 4.50% above the BADLAR rate to Class 1. Whereas, under Class 2, the amount of US$ 24.72 million was awarded at a rate of 2.89% nominal annual, i.e. an aggregate of ARS$400 million.
In both cases, the arrangers and placement agents were Banco Provincia del Neuquén SA, Banco Galicia y Buenos Aires SA and Banco Macro SA. Quantum Finanzas acted as financial advisor for the Province of Neuquén.
The success of this transaction evidences the investors’ interest and trust in, and support of, the Province, resulting from the adequate economic and fiscal policies implemented by the Provincial government.
Milagro Medrano
Institutional Relations Manager
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