Bruchou, Fernández Madero & Lombardi has assisted Banco Macro as arranger and Macro Securities as underwriter in the issuance of Series A and Series B Treasury Bills of the Province of Misiones.
The Treasury Bills Series A mature on November 3, 2022, for a total amount of $650,000,000 Argentine pesos and with a nominal annual variable rate equivalent to the Badlar rate plus a margin of 700 basis points; while the Treasury Bills Series B mature on December 3, 2022, for a total amount of $650,000,000 Argentine pesos and with a nominal annual variable rate equivalent to the Badlar rate plus a margin of 750 basis points.
The issue was made within the framework of the Provincial Treasury Bills Issuance Programme for the year 2022, created by Provincial Decree N°639/22, for an outstanding nominal value of up to $1,300,000,000,000 pesos, or its equivalent in other currencies.
The repayments are secured by a pledge of the Province’s collection rights over the funds or any other payment coming from the Federal Co-participation Tax Regime, or the one that may replace it in the future.
The Series A Bills and Series B Bills were issued on June 6, 2022 and requested to be listed and traded on BYMA and MAE, respectively.
Rodrigo Alejandro Covello acted as in-house counsel for Banco Macro and Macro Securities.
Bruchou’s team was led by partner José María Bazán (pictured left) and associates Leandro Exequiel Belusci (pictured centre) and Manuel Rodríguez Costi (pictured right).