Issuance of Public Debt Securities ER 2025 Series I and II by the Province of Entre Ríos for a total nominal value of ARS 75,110,000,000
Legal advisors to the transaction, assisting the Province of Entre Ríos (the “Province”) and Nuevo Banco de Entre Ríos S.A., in its capacity as organizer and lead placement agent in the issuance of the ER 2025 Series I and Series II Public Debt Securities (the “Debt Securities”). The Debt Securities were issued on July 17, 2024, and are secured by resources from the Federal Tax Sharing Regime, assigned to a maximum allocation percentage of 25%. The Debt Securities Series I were issued for a nominal value of ARS 32,465,000,000, at a fixed annual interest rate of 35.75%, maturing on July 17, 2026; whereas the Debt Securities Series II were issued for a nominal value of ARS 42,645,000,000, at a variable interest rate equivalent to the TAMAR rate plus a 5.50% margin, maturing on January 17, 2027.
Province of Chaco ’s Serie Bonds Issuance for AR$ 52,000,000,000 (approximately US$ 40.784.313,7)
Legal counsel to Puente Hnos. S.A. and Nuevo Chaco Bursátil S.A., as co-arrangers and co-placement agents, and Banco de la Nacion Argentina, Global Valores S.A., and Banco de Servicios y Transacciones, as sub-placement agents, in the issuance of Province of Chaco’s Serie 1 Bonds (the “Serie 1 Bonds”), under the Province of Chaco’s Treasury Bonds Issuance Program for up to US$ 90,000,000. The payments due under the Serie 1 Bonds are secured by a collateral assignment over rights of the Province of Chaco arising from the Federal Tax Regime (Regimen de Coparticipación Federal). The Serie 1 Bonds were issued in an aggregate principal amount of AR$ 52,000,000,000 equivalents to approximately US$ 40.784.313,7. Principal under the Serie 1 Bonds is adjusted by the Wholesale Interest Rate (TAMAR) applied to fixed-term deposits denominated in Argentine pesos plus a 5.5% interest rate. The Serie 1 Bonds are due on July 14, 2026, and are repaid. The proceeds of the Serie 1 Bonds will be used exclusively to repay the debt service obligations maturing in August and September 2025, corresponding to loans obtained in 2019 and 2021 from the Financial Fund for the Development of the Rio de la Plata (FONPLATA) and the international bond issued in 2016 and restructured in 2021. Any remaining balance will be allocated to cover subsequent maturities.
Province of Córdoba’s Debt Issue for US$ 725,000,000
Legal counsel to Province of Córdoba, as the issuer, and Banco de la Provincia de Córdoba S.A., as Argentine manager and placement agent, in the issuance of US$725 million worth of sovereign debt in an offering that settled on July 2, 2025. The Notes bear a 9.750% annual coupon and mature on July 2, 2032. The Province of Córdoba used a portion of the notes sale – US$362 million – to repurchase US$360,338,929 aggregate principal amount of its U.S Dollar Step-Up Notes due 2027. The remaining portion of the funds will be used for finance infrastructure projects and/or repay existing liabilities.
J.P. Morgan Securities LLC and Santander US Capital Markets LLC acted as global coordinators and joint book-running managers, Balanz Capital UK LLP acted as joint book-running manager, Banco de la Provincia de Córdoba S.A. acted as Argentine manager and placement agent, and Banco Santander Argentina S.A., Balanz Capital Valores S.A.U., Banco de Galicia y Buenos Aires S.A., Les Cinq Capital S.A., Puente Hnos. S.A., Facimex Valores S.A., Becerra Bursátil S.A. and S&C Inversiones S.A. acted as Argentine placement agents. Under the indenture, Deutsche Bank Trust Company Americas acted as trustee, registrar, principal paying agent and transfer agent.
Municipality of Río Cuarto’s Series XXXIX Treasury Notes Issuance for AR$2,100,000,000
Legal counsel to the Municipality of Rio Cuarto, as issuer, Banco de la Provincia de Córdoba S.A., and Puente Hnos. S.A., as arrangers and placement agents, and Banco de Galicia y Buenos Aires S.A., Adcap Securities Argentina S.A., Global Valores S.A., and Becerra Bursatil S.A., as placement agents in the issuance of Municipality of Río Cuarto’s Series XXXIX Treasury Notes (the “Treasury Notes”), under the Municipality of Río Cuarto’s Treasury Notes Issuance Programme. The transaction closed on June 23, 2025, and the Treasury Notes are secured by the Municipality's credits for contributions levied on commercial, industrial and service companies’ activities, and subsidiarily by the resources derived from the Federal Co-participation Regime. The Treasury Notes were issued for AR$ 2,100,000,000 at an annual floating interest rate equivalent to Tamar plus 7.00%, due on June 23, 2026.
Municipality of Río Cuarto’s Series XXXVIII Treasury Notes Issuance for AR$2,900,000,000
Legal counsel to the Municipality of Rio Cuarto, as issuer, Banco de la Provincia de Córdoba S.A., and Puente Hnos. S.A., as arrangers and placement agents, and Banco de Galicia y Buenos Aires S.A.U., Adcap Securities Argentina S.A., Banco de Servicios y Transacciones S.A., Facimex Valores S.A., Banco Hipotecario S.A., and Balanz Capital Valores S.A.U., as placement agents in the issuance of Municipality of Río Cuarto’s Series XXXVIII Treasury Notes (the “Treasury Notes”), under the Municipality of Río Cuarto’s Treasury Notes Issuance Programme. The transaction closed on April24, 2025, and the Treasury Notes are secured by the Municipality's credits for contributions levied on commercial, industrial and service companies’ activities, and subsidiarily by the resources derived from the Federal Co-participation Regime. The Treasury Notes were issued for AR$ 2,900,000,000 at an annual floating interest rate equivalent to Tamar plus 7.45%, due on April 24, 2026.
Municipality of Cordoba’s Series I Bonds 2025 Issuance for AR$ 50,551,640,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., S&C Inversiones S.A., Petrini Valores S.A. y Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series I Secured Bonds 2025 (the “Series I Bonds 2025”), under the Municipality of Cordoba’s Bonds Issuance Program. The payments due under the Series I Bonds 2025 are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Series I Bonds 2025 were issued on March 26, 2025, for AR$ 50,551,640,000 at an annual floating interest rate equivalent to TAMAR plus 5.50% per annum, due on March 26, 2027.
Municipality of Cordoba’s Series LII Treasury Notes Issuance for AR$ 32,159,267,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement agent, and to Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A.U., Balanz Capital Valores S.A.U., Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., SBS Trading S.A., Facimex Valores S.A., Banco Patagonia S.A., S&C Inversiones S.A., Petrini Valores S.A. and Becerra Bursátil S.A. as placement agents, in the issuance of Municipality of Cordoba’s Series LII Treasury Notes (the “Treasury Notes Series LII”), under the Municipality of Cordoba’s Treasury Notes Issuance Program. The payments due under the Treasury Notes Series LII are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Notes Series LII were issued on March 26, 2025, for AR$ 32,159,267,000 at an annual floating interest rate equivalent to Tamar plus 4.50%, due on November 28, 2025.
Province of Cordoba’s Class 4 Bonds Issuance for AR$ 120,000,000,000 (approximately US$ 118,362,654)
Legal counsel to the Province of Córdoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement agent, and Banco Santander Argentina S.A., Banco de Servicios y Transacciones S.A., Banco de Galicia y Buenos Aires S.A.U., Macro Securities S.A.U., Banco Comafi S.A., Banco Patagonia S.A., Banco de la Nación Argentina, Puente Hnos S.A., Consultatio Investments S.A., Petrini Valores S.A., Becerra Bursátil S.A., Invertir en Bolsa S.A. and S&C Inversiones S.A., as placement agents, in the issuance of Province of Córdoba’s Class 4 Bonds (the “Class 4 Bonds”), under the Province of Cordoba’s Treasury Bonds Issuance Program for up to US$350,000,000. The payments due under the Class 4 Bonds are secured by a collateral assignment over rights of the Province of Córdoba arising from the Federal Tax Regime (Regimen de Coparticipación Federal). The Class 4 Bonds were issued in an aggregate principal amount of AR$ 120,000,000,000 equivalents to approximately US$ 118,362,654. Principal under the Class 4 Bonds is adjusted by the Reference Stabilization Index (Coeficiente de Estabilización de Referencia) plus a 9.75% interest rate. The Class 4 Bonds are due on December 5, 2027, and are repaid in two (2) amortization installments on June 5, 2027, and December 5, 2027. The proceeds of the Class 4 Bonds will be applied by the Province of Córdoba to the financing of the execution of infrastructure projects.
Province of Santa Fe Bonds Issuance for AR$ 50,000,000,000 (approximately US$ 49,566,294)
Legal counsel to Nuevo Banco de Santa Fe S.A., as Arranger and Lead Placement Agent; and to Banco de Servicios y Transacciones S.A., Banco Comafi S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Patagonia S.A., Banco Santander Argentina S.A., Adcap Securities Argentina S.A., Consultatio Investments S.A., Facimex Valores S.A., Invertir en Bolsa S.A., and Puente Hnos. S.A. as Co-Placement Agents, in the issuance of Province of Santa Fe’s Bonds (the “Bonds”), under the Province of Santa Fe’s Bonds Issuance Program. The payments due under the Bonds are secured by arising from the Federal Co-Participation funds (Regimen de Coparticipación Federal). The Bonds were issued in an aggregate principal amount of AR$ 50,000,000,000 equivalents to approximately US$ 49,566,294. The Bonds are adjusted by accrued interest at BADLAR rate plus 6.40% per annum. The Bonds are due November 2027. The proceeds of the Bonds will be applied by the Province of Santa Fe finance road infrastructure projects, including highways, roads, and bridges, aimed at strengthening logistics infrastructure for access to the port area in the Greater Rosario Metropolitan Area, fostering economic development, and improving connectivity in the region.
Among the projects to be financed with the proceeds of the issuance are the "Camino del Mozo" project, which involves the construction of new access roads to port terminals between National Route No. 9 and Provincial Route No. 21; the "Camino de la Cremería" project, consisting of the structural reinforcement of Provincial Route No. 25 to meet its expected service life; and the "Third Lane Rosario-Santa Fe Highway" project, which entails the construction of an additional lane on the AP01 "Brigadier General Estanislao López" highway.
Municipality of Cordoba’s Series LI Treasury Notes Issuance for AR$ 19,000,000,000
Legal counsel to the Municipality of Cordoba, as issuer, Banco de la Provincia de Córdoba S.A., as arranger and placement, and to Banco Comafi S.A., Banco Hipotecario S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., Banco de Galicia y Buenos Aires S.A.U., Banco Santander Argentina S.A., Facimex Valores S.A., Adcap Securities Argentina S.A., Banco Patagonia S.A., and Macro Securities S.A.U. as placement agents, in the issuance of Municipality of Cordoba’s Series LI Treasury Notes (the “Treasury Notes Series LI”), under the Municipality of Cordoba’s Treasury Notes Issuance Program. The payments due under the Treasury Notes Series LI are secured by certain rights of the Municipality to collect certain contribution charges over the commercial, industrial and services activity. The Treasury Notes Series LI were issued on November 19, 2024, for AR$ 19,000,000,000 at an annual floating interest rate equivalent to Badlar plus 6.99%, due on November 14, 2025.