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BBVA Francés prepares auction of negotiable obligations

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BBVA Francés prepares auction of negotiable obligations

BBVA Banco Francés SA on Dec. 21 will auction two tranches of negotiable obligations, each valued at 500.0 million Argentine pesos but expandable to up to 2.0 billion pesos.

The combined value of the negotiable obligations to be issued should not exceed 2.0 billion pesos, the bank said in a filing.

The class 23 notes mature after 24 months while the class 24 notes expire after 36 months. Both tranches yield at a variable rate and will be issued Dec. 27.

The offerings are part of the bank's global program of simple negotiable obligations worth up to $750.0 million.

As of Dec. 13, US$1 was equivalent to 17.31 Argentine pesos.