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Banco Itaú Argentina to auction up to 500M pesos of bonds

Banco Itaú Argentina SA plans to auction negotiable bonds on Dec. 21 worth a total 200 million Argentine pesos, expandable to 500 million pesos, the bank said in a Dec. 14 filing.

The bank will auction 18-month class 21 bonds with a nominal value of 100 million pesos and 36-month class 22 bonds also with a nominal value of 100 million pesos. Both series will pay an annual interest rate equivalent to Argentina's Badlar private rate plus a margin that will be determined later.

The bonds will be issued three working days after the date of the auction. The proceeds will be used as working capital and to refinance debt, the bank said.

The issuance is in the framework of the bank's global bond program for up to $350 million or its equivalent in other currencies.

As of Dec. 14, US$1 was equivalent to 15.93 Argentine pesos.