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 News

31/10/2017 0:00 - Capital Market
NICOLÁS FERRER - JUAN IGNACIO CALIVARI
New SME financing instrument takes off

Four months ago, Argentina’s Comisión Nacional de Valores (CNV, the National Securities Commision), announced a new instrument that allows small and medium enterprises (SMEs) to obtain financing with help from guarantee institutions. Since late August, four companies have issued debentures under this scheme, raising a total ARS 21 million and 800,000 dollars.

In mid-June, Argentina’s CNV presented a new financing instrument for SMEs: ON PyME CNV Garantizada (which roughly translates to “Guaranteed CNV SME Debenture”), which allows small and medium enterprises to obtain mid to long term financing at competitive rates.

The characteristics of this instrument were previously presented in the following article (in spanish) from our weekly newsletter. In summary, these new structure allows SMEs to issue debentures under a simplified process with collateral being provided by guarantee institutions.

As of October 20, four companies have issued debentures under this system for a total ARS 21 million and USD 800 thousand. These securities have maturities ranging from one to four years. ARS denominated debentures pay variable rates while USD denominated ones have fixed rates. The following chart summarizes the characteristics of these issuances:

 

Issuing companies are diverse in terms of both location and activity:

  • Villanueva e Hijos S.A. is a real estate developer located in the province of Jujuy.
  • RDA Renting S.A. , based on the city of Buenos Aires, offers renting and management of corporate vehicles.
  • Lipsa S.R.L. grows cereals and oilseeds in the province of Chaco.
  • Agroempresa Colón S.A ., which has already issued two series of this instrument, sells supplies (such as fertilizers, herbicides, etc) for agricultural producers in the province of Cordoba. It also produces and commercializes cereals and oilseeds for feed uses, as well as repairs agricultural machinery and tools.

Table N° 2 shows SMEs that are listed as “in process” in the CNV’s website under the “ON PyME CNV Garantizadas” header. Heterogeneity is also the norm among these companies, with activities that range from IT services to clothing manufacture.

 
 

 Institutional video


Institutional Video of the Bolsa de Comercio of Rosario (Rosario Board of Trade)

 Rosario Board of Trade

The Rosario Board of Trade is a centennial institution located in Rosario, in the most important agroindustrial zone of Argentina. Throughout its history it has created and boosted transparent, solid and reliable markets: the Grains Physical Market, the Futures Market, the Capital Market, and the Livestock Market.

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Bolsa de Comercio de Rosario Córdoba 1402 - S2000AWV
TE: (54 341) 5258300 / 4102600
TE: (54 341) 5258325 (Complejo de Laboratorios - servicioalcliente@bcr.com.ar)
Rosario - Santa Fe - Argentina

Oficina Buenos Aires Reconquista 458 piso 7° - C1003ABJ - Cdad. de Buenos Aires.
Tel: (54 - 011) 43280390/1484 43939391/9649- Fax: (54 - 011) 43939649
contacto@bcr.com.ar