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Sunday, January 29, 2023

Capital market: in December there was a record issuance of Negotiable Obligations and Trusts

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Christian Torrado, senior manager of the Structured Finance team at PwC Argentina commented that: “The month of December stood out for a high volume of issuance, both in quantity and amount, and makes it clear that Argentine companies continue to opt for the Capital Market, specifically financial trusts (FF) and negotiable obligations, as an alternative to financing for its benefits, where high placement amounts, longer payment terms and reduced rates stand out.”

Between the Financial Trusts (FF) excelled 18 made in pesos for a total amount of $24,733 million at an average rate (TNA) of 74.0% and a duration average of 4.4 months; achieving an increase of 36% with respect to the previous maximum reached, in November 2022.

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Too, the placements of FF SMEs stood out, representing 36% of the total issued in the month with a strong presence of foreign currency. In total, 4 instruments were made in dollars for a total amount of US$18.3 million at an average rate (TNA) of 2.2% and a duration average of 9.7 months.

For his part, The representative Negotiable Obligations (OB) in pesos were: 5 for an amount of $2,508 million at an average rate (TNA) of 75.2% and a duration average of 11.6 months,1 for a total of US$200.0 million at a rate (TNA) of 73.7% and a duration of 13.5 months and 10 that reached $782.5 million at an average rate ( TNA) of 73.1% and a duration average of 13.5 months.

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In dollar Linked 10 titles were registered for an amount of US$345.3 million at a rate (TNA) of 1.1% and a duration of 36.4 months, 1 for an amount of US$10.8 million at a rate (TNA) of 4, 0% and a duration of 27.5 months and 10 for an amount of US$18.5 million at an average rate (TNA) of -0.1% and an average duration of 27.7 months. Among these were the placements of Agroempresa Colón SA and Sierras de Manzán.

In dollars, a title of US$13.5 million stood out at a rate (TNA) of 4.0% and a duration of 24.5 months.

December’s ONs strengthened the trend bullish to increase 53% the amount issued with respect to last month, highlighting the placements in USD and USD Linked with 22 issues during the month.

Source: Ambito

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