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International bonds: Banco Macro, 6.75% 4nov2026, USD (BACAO, USP1047VAF42)

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Variable rate, Trace-eligible, Senior Subordinated Unsecured

Issue | Borrower
Borrower
  • Fix SCR
    ***  | ***
    ***
Status
Outstanding
Amount
400,000,000 USD
Placement
***
Redemption (put/call option)
*** (-)
ACI on
Country of risk
Argentina
Current coupon
-
Price
-
Yield / Duration
-
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  • Placement amount
    400,000,000 USD
  • Outstanding amount
    400,000,000 USD
  • USD equivalent
    400,000,000 USD
  • Minimum Settlement Amount
    150,000 USD
  • ISIN RegS
    USP1047VAF42
  • CFI RegS
    DBFUGR
  • FIGI RegS
    BBG00F2XRV85
  • SEDOL
    BDS60G6
  • Ticker
    BMAAR V6.643 11/04/26 REGS

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Final Terms

Release and placement notices

Prospectus

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Issue information

Profile
Banco Macro is the largest domestically-owned private bank in Argentina. It was founded in 1976 as a brokerage specializing in arbitrage, under the name Financiera Macro. It provides banking products and services to individuals, entrepreneurs, companies, ...
Banco Macro is the largest domestically-owned private bank in Argentina. It was founded in 1976 as a brokerage specializing in arbitrage, under the name Financiera Macro. It provides banking products and services to individuals, entrepreneurs, companies, and corporate customers. It offers various retail products and services, such as savings and checking accounts, time deposits, credit and debit cards, consumer finance loans, mortgage loans, car loans, overdrafts, credit-related services, home and car insurance coverage, tax collection, utility payments, automated teller machines (ATMs), and money transfer services. The company also provides personal loans, document discounts, mortgages, overdrafts, pledged loans, and credit card loans to retail customers. Its corporate banking products and services include deposits, lending, check cashing advances and factoring, guaranteed loans, and credit lines for financing foreign trade, and cash management services. Further, the company offers trust, payroll, and financial agency services, as well as corporate credit cards; and transaction services, such as cash management, customer collections, payments to suppliers, payroll administration, foreign exchange transactions, foreign trade services, corporate credit cards, and information services, such as Datanet and Interpymes services to corporate customers; and Internet banking services. The company is headquartered in Buenos Aires, Argentina.
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Volume
  • Placement amount
    400,000,000 USD
  • Outstanding amount
    400,000,000 USD
  • Outstanding face value amount
    400,000,000 USD
Face value
  • Minimum Settlement Amount
    150,000 USD
  • Outstanding face value
    *** USD
  • Increment
    *** USD
  • Face value
    1,000 USD
Listing
  • Listing
    ***

Cash flow parameters

  • Variable rate type
    Fix to Float
  • Reference rate
    5Y USD Swap Rate
  • Coupon Rate
    ***
  • Day count convention
    ***
  • Business Day Convention
    Modified Following Business Day
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Maturity date
    ***

Cash flow

Calculations for international bonds are made according to the minimum trading lot
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Early redemption terms

***

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bonds globally

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pricing sources

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stocks

9 000

ETF

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Why

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Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Placement
    ***
  • Initial issue price (yield)
    (***%)
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • The purpose of placing
    Our gross proceeds from the issuance and sale of the Notes are expected to be approximately US$400,000,000, before deduction of fees and expenses. The company intends to use the net proceeds from the issuance of the Notes (i) to refinance certain outstanding debt, which may include our existing Series No. 1 notes due 2036 and Series No. 2 notes due 2017, (ii) to make loans in accordance with Central Bank guidelines and (iii) for general working capital in Argentina, in each case in accordance with the provisions of Article 36 of the Negotiable Obligations Law, Communication “A” 5390 of the Central Bank, as amended, and other applicable regulations. We will use any net proceeds of the issuance of notes under this program in compliance with the requirements of Article 36 of the Negotiable Obligations Law, Communication “A” 3046, of the Central Bank, as amended and modified by Communication “A” 5390, and other applicable regulations, as specified in the applicable pricing supplement and for the following purposes: working capital in Argentina; investments in tangible assets located in Argentina; refinancing of outstanding debt; contributions to the capital of a controlled or related corporation, provided that the latter uses the proceeds of such contribution for the purposes set forth above; or making loans in accordance with Central Bank regulations provided that such loans are used for any of the above purposes.
Participants
  • Bookrunner
    ***, ***
  • Depository
    ***, ***, ***
  • Arranger Legal Adviser (Domestic law)
    ***
  • Arranger Legal Adviser (International law)
    ***
  • Issuer Legal Adviser (Domestic law)
    ***
  • Issuer Legal Adviser (International law)
    ***

Conversion and exchange

  • Conversion terms
    ***

Covenants

  • Change of Control

    ***

  • Collective Action Clause

    ***

  • Covenant Suspension/Fall-Away

    ***

  • Cross Default

    ***

  • Designation of Restricted and Unrestricted Subsidiaries

    ***

  • Events of Default

    ***

  • Financial Covenants

    ***

  • Limitation on Business Activities

    ***

  • Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

    ***

  • Limitation on Indebtedness

    ***

  • Limitation on Investments

    ***

  • Limitation on Liens

    ***

  • Limitation on Restricted Payments

    ***

  • Limitation on Sale/Leaseback

    ***

  • Limitation on Subsidiary Debt

    ***

  • Limitation on layering (anti-layering)

    ***

  • Limitations on transactions with affiliates

    ***

  • Merger Restrictions

    ***

  • Rating Trigger

    ***

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Additional information

Latest issues

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News

28/02/2024 Banco Macro Announces Results for the Fourth Quarter of 2023
22/11/2023 Banco Macro Announces Results for the Third Quarter of 2023
08/08/2023 Fitch Ratings affirms Banco Macro at "CCC-" (LT Int. Scale (foreign curr.) credit rating)
08/08/2023 Fitch Ratings affirms Banco Macro at "CCC-" (LT Int. Scale (local curr.) credit rating)
07/08/2023 Fitch Affirms Banco Macro S.A.'s IDRs at 'CCC-' (Rating action commentary)
All organization news

IFRS/US GAAP reports

2022
I q NTL
II q NTL
IV q eng
2021
I q NTL
I q eng
II q NTL
II q eng
III q NTL
IV q eng
2020
I q NTL
I q eng
II q NTL
II q eng
III q NTL
III q eng
IV q NTL
IV q eng
2019
I q NTL
I q eng
II q NTL
II q eng
III q NTL
III q eng
IV q NTL
IV q eng
2018
I q NTL
I q eng
II q NTL
II q eng
III q NTL
III q eng
IV q NTL
IV q eng
2017
IV q NTL
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Identifiers

  • State registration number
    BACAO
  • ISIN RegS
    ***
  • ISIN 144A
    ***
  • CUSIP RegS
    ***
  • CUSIP 144A
    ***
  • CFI RegS
    DBFUGR
  • CFI 144A
    DBFUGR
  • FIGI RegS
    BBG00F2XRV85
  • FIGI 144A
    BBG00F2XPGD4
  • WKN RegS
    A188UT
  • WKN 144A
    A188X0
  • SEDOL
    BDS60G6
  • Ticker
    BMAAR V6.643 11/04/26 REGS
  • Type of security by CBR
    ***
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Ratings

Bond classification

  • Senior Subordinated Unsecured
  • Registered
  • Coupon bonds
  • Variable rate
  • Subordinated
  • Trace-eligible
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Guaranteed
  • Inflation-linked principal
  • Supranational bond issues
  • Inflation-linked coupon
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Commercial Bonds
  • Sukuk
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Restructuring

***

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