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Banco CMF raises 400M pesos in bond offering

Banco CMF SA on Feb. 19 will issue two tranches of simple, nonconvertible negotiable obligations for a total of 400.0 million pesos as a result of a Feb. 16 auction.

The issuance includes 250.0 million pesos in class 12 notes and 150.0 million pesos in class 13 notes. The company received offers totaling 476.0 million pesos for both classes of notes.

The bonds will accrue interest at a variable rate, equivalent to the reference rate plus a cutoff margin of 3.00% for the class 12 notes and 3.50% for the class 13 securities. However, the interest rate to be paid could not fall under 26.75% in the first interest accrual period. Interest will be paid quarterly.

As of Feb. 16, US$1 was equivalent to 19.67 Argentine pesos.