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Argentina's Banco CMF raises 316.5M pesos in bond auction

Banco CMF SA said it raised 316.5 million Argentine pesos from a Dec. 21 auction of class 10 negotiable obligations.

Demand for the offering reached 371.5 million pesos, the company said.

The notes will be issued and settled Dec. 22. They will accrue interest at a variable rate equal to the reference rate plus a margin of 3.50%, payable quarterly. However, on the first interest accrual period, the interest rate to be paid should not fall below the minimum interest rate of 28.80% per year.

Meanwhile, the bank said that it declared void the auction of class 11 negotiable obligations, which it had originally intended to sell along with the class 10 notes.

As of Dec. 20, US$1 was equivalent to 17.70 Argentine pesos.