Banco de la Ciudad de Buenos Aires’s $55 Million Notes Offering
GLOBAL LEGAL CHRONICLE
Beccar Varela and Martínez de Hoz & Rueda advised on the transaction Banco de la Ciudad de Buenos Aires executed its AR$2.05 billion (US$55 million) debt securities offering.
The offering was carried out in two securities classes under the entity’s global program for short, medium and longterm securities for a maximum nominal value of up to US$1,500,000,000 or its equivalent in other currencies. In this issuance Banco Ciudad acted as issuer, organizer and placement agent.
Banco de Galicia y Buenos Aires, Industrial and Commercial Bank of China (Argentina), Puente Hnos., Macro Securities, Balanz and TPCG Valores, acted as placement agents on the offering.
The result of the placement was published in Bolsa de Comercio daily gazette and in Mercado Abierto Electronico daily gazette, both on October 18th.
The issuance includes the offering of two debt securities classes, one of which is denominated in UVAs, which is adjustable by application of the Inflation Adjustment Index (CER). Class XVII was issued for UVA 57,828,062 (equivalent to AR$1,573,501,567), at a fixed rate, maturing 24 months after its issue date. Class XVIII was issued for a nominal value of AR$474,333,333, at a floating rate, with maturity date 12 months after its issue date.
The listing and negotiation of both debt securities classes have been duly requested at Bolsas y Mercados
Argentinos S.A. and Mercado Abierto Electrónico.
This is the first notes issuance by an Argentine bank in the capital market since April 2018, as well as one of
Argentina’s largest capital market deals so far in 2018.
Beccar Varela advised Banco de la Ciudad de Buenos Aires with a team including Luciana Denegri (Picture), José M. Krasñansky and Pablo Ignacio Godoy.
Martínez de Hoz & Rueda advised Banco de Galicia y Buenos Aires, Industrial and Commercial Bank of China (Argentina), Puente Hnos., Macro Securities, Balanz and TPCG Valores with José Martínez de Hoz (n) and associates Luisina Luchini and Franco Lenzi.
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