Grupo Supervielle SA said unit Banco Supervielle SA completed an international issuance of a 3.5-year global bond denominated in Argentine pesos worth the equivalent of $300 million.

The notes will accrue interest at Badlar plus 450 basis points with a minimum coupon rate of 18%, the company said Feb. 2, adding that the deal saw total subscriptions of about 7.11 billion Argentine pesos.

The proceeds from the issuance will be used for loan originations with longer tenures between individuals and small- and medium-sized enterprises.

"The decision to raise funds in the international and Argentine market follows the green shoots seen in the economy during the last quarter of 2016 and the positive outlook we perceive in our day to day business for 2017," Grupo Supervielle said.

As of Feb. 2, US$1 was equivalent to 15.72 Argentine pesos.