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BBVA Banco Francés raises 1.10B pesos from bond auction

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BBVA Banco Francés raises 1.10B pesos from bond auction

BBVA Banco Francés SA said it raised about 1.10 billion Argentine pesos from a Dec. 21 auction of two tranches of negotiable obligations.

As a result, the bank on Dec. 27 will issue 553.1 million pesos in class 23 notes and 546.6 million pesos in class 24 notes.

Demand reached 606.0 million pesos for the class 23 instruments and 571.5 million pesos for the class 24 notes.

The yearly nominal applicable margins for the class 23 and 24 notes will be 3.20% and 4.25%, respectively. However, the interest rates to be accrued by both series of notes should not be less than 28.80% in the first interest accrual period and not less than 26.75% for the second interest accrual period.

As of Dec. 21, US$1 was equivalent to 17.91 Argentine pesos.