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International bonds: YPF, FRN 7jul2020, USD (USP989MJBH35, P989MJBH3)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
outstandingArgentina**/**/****750,000,000 USD***/***/***
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Yield calculation

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Issue information

BorrowerYPF
Bond typeCoupon bonds
Placement methodOpen subscription
Placement typePublic
Issue purposeShow
Issue purpose
We will use the proceeds from the sale of the Notes, which will be U.S.$746,250,000 net of commissions payable to the initial purchasers, in compliance with the requirements established in Article 36 of the Negotiable Obligations Law and other applicable law, for: (i) investments in fixed assets located Argentina. Fixed assets include (without limitation) investments in land and buildings, mining property, wells and related equipment, distillery equipment and petrochemical plants, transportation equipment, materials and equipment in storage, exploratory drilling, fixtures and installations, and commercialization equipment; or (ii) working capital in Argentina. Working capital includes (without limitation) all uses that affect our assets and short-term liabilities, including purchasing inventory, payments to suppliers for our operations and activities, and compensation to employees. We will use the net proceeds from the issuance of notes under this program for any one or more of the following purposes, all in compliance with the requirements of Article 36 of the Negotiable Obligations Law, and other applicable regulations, as specified in the applicable pricing supplement: working capital and investments in tangible assets located in Argentina; since October 25, 2012 to refinance our outstanding debt; or capital contributions to controlled or affiliated companies, provided that such companies use the contributions in Argentina and for the purposes set forth above.
Par amount, integral multiple1,000 USD
Nominal of international bonds1,000 USD
Minimum settlement amount10,000 USD
Outstanding principal amount10,000 USD
Amount750,000,000 USD
Outstanding face value amount750,000,000 USD
Placement date**/**/****
Maturity date**/**/****
Floating rateYes
Reference rateBADLAR en pesos de bancos privados
Margin4
Floor18
Coupon RateShow
Coupon Rate
BADLAR en pesos de bancos privados + *%
Day count fraction***
Coupon frequency4 time(s) per year
Interest accrual date**/**/****
Trading floor, trading codeBCBA (trades settled in ARS in Argentina), YCAJO
ListingLuxembourg S.E.

Related issues

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Cbonds Valuation
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology. The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
:

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
CBONDS ESTIMATION
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology described here http://ru.cbonds.com/organizations/docdownload/8715.
The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
Quotes are published both anonymously and publicly in the section Bond Quotes by Market Participants: http://cbonds.com/quotes/market/. These quotes are indicative only. Organizations posting the quotes have no obligations to conduct transactions at these prices. To learn the actual current prices, you need to contact the respective organization. Trading floor quotes are available at http://cbonds.com/quotes/.
10/18/2019*** / *** (*** / ***)*** (***)******Archive
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Bond Quotes by Market Participants

Market participantDate and timeBid/ask or last price
(Yield)
Cambridge Financial Information Services10/18/2019**.* / **.*
()
BCP Securities10/18/2019**.* / **.**
()
Anonymous participant 2010/17/2019**.*
()
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Stock exchange and OTC quotes

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
FINRA TRACE10/17/2019*** / *** (*** / ***)*** (***)******Archive
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Bond classification

Subordinated
Sinkable bond
Perpetual
Convertible
Structured product
Restructuring
Securitization
Mortgage bonds
Trace-eligible
Covered
Foreign bonds
CDO
Sukuk
Retail bonds
Supranational bond issues
Green bonds
Non-Marketable Securities

Identifiers

ISIN / ISIN RegSUSP989MJBH35
ISIN 144AUS984245AN03
CUSIP / CUSIP RegSP989MJBH3
Common Code / Common Code RegS144321685
Common Code 144A144557573
CUSIP 144A984245AN0
CFI / CFI RegSDBVUFR
CFI 144ADBVUFR
FIGI / FIGI RegSBBG00D882T54
WKN / WKN RegSA183XL
WKN 144AA184CW
SEDOLBY7RL75
FIGI 144ABBG00CW6FV45
TickerYPFDAR F 07/07/20 REGS

Primary placement

Issuer rating on issue date (M/S&P/F)***/***/***
Placement**/**/****
Initial issue price (yield)***% ( - )

Participants

Bookrunner: Banco Bilbao (BBVA), Banco Santander
Issuer Legal Adviser (International law): Chadbourne & Parke
Issuer Legal Adviser (Domestic law): Estudio O’Farrell
Arranger Legal Adviser (International law): Milbank, Tweed, Hadley & McCloy
Arranger Legal Adviser (Domestic law): Tanoira Cassagne
Paying agent: U.S. Bank NA
Trustee: U.S. Bank NA
Depository: Clearstream Banking S.A., Euroclear Bank, Federal Reserve System

Payment schedule

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Coupon dateActual Payment DateCoupon, %Coupon payment amount, USDRedemption of principal, USD
Show previous
1**/**/******/**/****
2**/**/******/**/****
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4**/**/******/**/****
5**/**/******/**/****
6**/**/******/**/****
7**/**/******/**/****
8**/**/******/**/****
9**/**/******/**/****
10**/**/******/**/****
11**/**/******/**/****
12**/**/******/**/****
13**/**/******/**/****
14**/**/******/**/****
15**/**/******/**/****
16**/**/******/**/******,***
Show following
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Issue ratings

YPF, FRN 7jul2020, USD

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)09/06/2019
Moody's Investors Service ***/***LT- foreign currency09/03/2019
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Issuer ratings

YPF

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (local curr.)09/06/2019
Fitch Ratings***/***LT Int. Scale (foreign curr.)09/06/2019
Fix Scr - affiliate of Fitch***/***LT foreign currency rating01/11/2017
Fix Scr - affiliate of Fitch***/***LT local currency rating01/11/2017
Fix Scr - affiliate of Fitch***/***LT national scale rating (Argentina)02/01/2018
Moody's Investors Service ***/***LT- local currency09/03/2019
Moody's Investors Service ***/***LT- foreign currency09/03/2019
S&P Global Ratings***/***Foreign Currency LT08/20/2019
S&P Global Ratings***/***Local Currency LT08/20/2019
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Consolidated IFRS reports

year 1 Q 2 Q 3 Q 4 Q
2019
2.04 M nat
3.7 M nat
2018
3.14 M nat
3.35 M nat
3.24 M nat
3.35 M nat
0.64 M eng
2017
5.26 M nat
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