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International bonds: Tarjeta Naranja, FRN 11apr2022, USD (TN37O, USP89610AX09, P89610AX0)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
outstandingArgentina**/**/****250,000,000 USD***/***/***
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Yield calculation

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Issue information

BorrowerTarjeta Naranja
Bond typeCoupon bonds
Placement methodOpen subscription
Placement typePublic
Issue purposeShow
Issue purpose
The Issuer expects to receive net proceeds from the sale of the Notes of approximately US$246,195,440 after deducting commissions and estimated expenses. The Issuer intends to apply the net proceeds of this offering in compliance with Article 36 of the Negotiable Obligations Act.
Par amount, integral multiple1,000 USD
Nominal of international bonds1,000 USD
Minimum settlement amount150,000 USD
Outstanding principal amount150,000 USD
Amount250,000,000 USD
Outstanding face value amount250,000,000 USD
Placement date**/**/****
Maturity date**/**/****
Redemption price100%
Floating rateYes
Reference rateBADLAR en pesos de bancos privados
Margin3.5
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 codeBYMA (trades settled in ARS in Argentina), TN37O; MAE, TN37O; BYMA (trades settled in USD in Argentina), TN37D; BYMA (trades settled in USD through foreign accoun, TN37C
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)
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.
MAE (TRADES WITHOUT CC, T+2, ARS)
i
Mercado Abierto Electronico (MAE) is an over-the-counter market in Argentina. It is based in Buenos Aires and was founded in 1988.
10/17/2019*** / *** (*** / ***)*** (***)******Archive
MAE (TRADES WITHOUT CC, T0, ARS)
i
Mercado Abierto Electronico (MAE) is an over-the-counter market in Argentina. It is based in Buenos Aires and was founded in 1988.
10/16/2019*** / *** (*** / ***)*** (***)******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

State registration numberTN37O
ISIN / ISIN RegSUSP89610AX09
ISIN 144AUS876155AB86
CUSIP / CUSIP RegSP89610AX0
CUSIP 144A876155AB8
CFI / CFI RegSDBVSGR
CFI 144ADBVUGR
FIGI / FIGI RegSBBG00G02TRL5
WKN / WKN RegSA19F64
WKN 144AA2RS56
FIGI 144ABBG00GF73BL1
TickerGALIAR F 04/11/22 REGS

Primary placement

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

Participants

Bookrunner: Itau Unibanco Holdings, HSBC, JP Morgan
Paying agent: BNY Mellon
Issuer Legal Adviser (Domestic law): Estudio Beccar Varela
Issuer Legal Adviser (International law): Gibson, Dunn & Crutcher
Arranger Legal Adviser (International law): Linklaters
Arranger Legal Adviser (Domestic law): Bruchou, Fernandez Madero & Lombardi

Payment schedule

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Coupon dateActual Payment DateCoupon, %Coupon payment amount, USDPool factorRedemption of principal, USD
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Show following
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Issue ratings

Tarjeta Naranja, FRN 11apr2022, USD

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)10/01/2019
Moody's Investors Service ***/***LT- foreign currency09/04/2019
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Issuer ratings

Tarjeta Naranja

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (local curr.)10/01/2019
Fitch Ratings***/***LT Int. Scale (foreign curr.)10/01/2019
Fix Scr - affiliate of Fitch***/***LT foreign currency rating04/19/2016
Fix Scr - affiliate of Fitch***/***LT local currency rating04/19/2016
Fix Scr - affiliate of Fitch***/***LT national scale rating (Argentina)07/11/2018
Moody's Investors Service ***/***LT- foreign currency09/04/2019
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Consolidated IFRS reports

year 1 Q 2 Q 3 Q 4 Q
2019
0.57 M nat
0.57 M nat
2018
1.59 M nat
1.59 M nat
1.64 M nat
1.08 M nat
2017
2.32 M nat
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