The Province’s experience in the international markets
The Province of Buenos Aires issued a bond in the international markets for the first time in 1994. Since then, the Province has carried out 32 issuances between Investment Bonds and Letras de Descuento (financing with terms shorter than one year).
During 2002-2005 the public debt payment deferral did not allow the Province to obtain financing abroad. In those years, the Province carried out the defaulted debt restructuring process. This operation was completed with a 95% level of acceptance from the bondholders.
As the international markets regained their trust in the Province and the investors in the provincial bonds, the Province initialized the “post default stage”. The first issuance of the post default stage was conducted in 2006.
Coupon Payment
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Cupon
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Bond
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Installments
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Annual rate
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Residual value after due date
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Due date
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| Long Par USD 488 M due 2035 | Grace period | 4,00% | 100% | 11/15/2015 |
| Long Par Euro 578 M due 2035 | Grace period | 4,00% | 100% | 11/15/2015 |
| Medium Par USD 64 M due 2020 | Grace period | 2,00% | 100% | 05/01/2016 |
| Medium Par Euro 572 M due 2020 | Grace period | 2,00% | 100% | 05/01/2016 |
| Discount USD 334 M due 2017 | 8 | 9,250% | 20% | 04/15/2016 |
| Discount Euro 139 M due 2017 | 8 | 8,500% | 20% | 04/15/2016 |
| USD 475 M 9,375% due 2018 | Bullet | 9,375% | 100% | 03/14/2016 |
| USD 400 M 9,625% due 2028 | In 3 installments 2026-27-28 | 9,625% | 100% | 04/18/2016 |
| USD 750 M 10,875% due 2021 | In 3 installments 2019-20-21 | 10,875% | 100% | 01/26/2016 |
| USD 899 M 9,95% due 2021 | In 2 installments 2020-21 | 9,950% | 100% | 12/09/2015 |
Current International Bond Issuances
| Year | U$S | Euro | Bonds |
| 2005 Restructuring | 886 | 1289 | 6 |
| Long Par Bond | 488 | 578 | 2 |
| Medium Par Bond | 64 | 572 | 2 |
| Discount Bond | 334 | 139 | 2 |
| 2006 | 475 | 1 | |
| 2007 | 400 | 1 | |
| 2011 | 750 | 1 | |
| 2015 | 899 | 1 | |
| Total by currency type | 3.410 | 1.289 | 10 |
