Banco de Inversión y Comercio Exterior SA on Dec. 14 placed bonds worth a total 1.16 billion Argentine pesos on the local stock exchange, the bank said in a securities filing.

The initial offering was for bonds worth up to 400 million pesos, expandable to 1.2 billion pesos.

The placement is comprised of two series. The Class 3 series is for 18 months and worth 615 million pesos at an annual interest rate equivalent to Argentina's Badlar private rate plus a margin of 3.25%.

The other series, Class 4, is for 36 months and worth 540.59 million pesos at an annual interest rate equivalent to Argentina's Badlar private rate plus a margin of 3.75%.

The total amount offered for the Class 3 series reached 615 million pesos, while the amount offered for Class 4 was 707 million pesos.

Both series will be issued Dec. 19.

ICBC Argentina, Banco Galicia and Macro Securities acted as co-placing agents. The issuance is part of the bank's negotiable bonds program for up to $150 million or its equivalent in other currencies.

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