The ON term is 12 months. It was issued with a positive margin of 2.74% above the new rate that the BCRA has published daily since this month.
BBVA Argentina placed the first Negotiable Obligation (ON) at the new Argentine Wholesale Rate (TAMAR) of the local capital market. In total, 52 offers were received and the total amount awarded exceeded $37,000 million.
With a term of 12 months, the Class 31 negotiable obligation was issued with a margin of TAMAR cut + 2.74%and will have bullet amortization and quarterly payment of interest, with liquidation scheduled for December 12.
“We are very proud to be the first bank to issue an ON at the TAMAR rate, a fundamental step to promote the adoption of this new reference in the local market. This milestone will allow us to establish clearer and more competitive prices for future active operations, consolidating a solid foundation for the evolution of the financial system in the country.” declared Carmen Morillo, Finance Director of BBVA in Argentina.
It is worth remembering that since December 2, the Central Bank (BCRA) began to publish this rate, which is calculated based on fixed-term deposits of $1,000 million or more, with maturities of 30 to 35 days. Unlike other reference interest rates, the TAMAR consists of the minimum amount of deposits eligible for its calculation, which is updated annually, includes only operations in pesos and is published in six daily series: three series of interest rates interest (private banks, public banks, and total banks) and three series of amounts operated (private banks, public banks, and total banks).
The rates are calculated as weighted averages according to the information that banking entities send to the BCRA. As with the rest of the daily deposit rates, the data will be published one business day behind.
Source: Ambito
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