News

10 September 2020

PAGBAM adviced on the issuance of Banco Ciudad’s Social Bond

On September 10, 2020, Banco de la Ciudad de Buenos Aires (the "Bank") completed its most recent issuance in the capital market, which consisted of of Series XXII Notes denominated and expressed in ‘purchase power units’ updateable by the reference stabilization coefficient "CER" Law No. 25,827 ("UVA") (the "Notes") for a total amount of UVA 69,456. 502 (UVA sixty-nine million four hundred and fifty-six thousand five hundred and two) equivalent to approximately AR$ 4,000,000,000 (Pesos four billion) maturing within 30 months from its issuance, under its Global Program for the Issuance of Short-, Medium- and Long-Term Notes for a maximum overall nominal value in circulation of US$ 1,500 million (or its equivalent in other currencies) (the "Program"). 

The issuance of the Notes is aligned with the four main components of the ICMA (International Capital Market Association) 2018 Social Bond Principles. The evaluation of the Notes as Social Bonds is being prepared by SMS-San Martín Suarez y Asociados as an external reviewer.

The Bank acted as issuer, organizer and placement agent and received legal advice from DLA Piper Argentina, while Banco de Galicia y Buenos Aires S.A.U., Banco de Servicios y Transacciones S.A., Macro Securities S.A., Puente Hnos. S.A. and TPCG Valores S.A.U. acted as placement agents and received advice from Pérez Alati, Grondona, Benites & Arntsen. 

The listing and negotiation of the Securities in Bolsas y Mercados Argentinos S.A. and their negotiation in Mercado Abierto Electrónico S.A. were requested. Likewise, the eligibility of the Securities in Euroclear was obtained.

Legal counsel to the Bank:

DLA Piper Argentina (partner Alejandro Noblía, and associates Andrea Aguirre and Laura Peña).

Legal counsel to Banco Santander Río S.A., Industrial and Commercial Bank of China (Argentina) S.A., Macro Securities S.A. and TPCG Valores S.A. 

Pérez Alati, Grondona, Benites & Arntsen (partner Diego Serrano Redonnet and associates Nicolás Aberastury, Guido Meirovich and Pablo Vidal Raffo).

In addition, each placement agent was advised by their in-house counsel.

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