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Cbonds Started Calculating and Publishing Coupon Rates, Coupon Amounts, and ACI on the Argentinean Domestic Floating-Rate Bonds

May 29, 2020 | Cbonds

The archive of coupon rates, coupon and ACI amounts for Argentina's domestic bonds is available on the Cbonds website.
The calculation of coupon rate at which the coupon payment and the ACI amount for Argentinean domestic floating-rate bonds are determined is carried out using the mechanism known on the international debt market as "in arrears".

Essentially, this mechanism implies that the determination (resetting) of the rate for the calculation of the ACI amount is carried out on a daily basis, while the determination of the final value of the coupon rate takes place at the end of the coupon period, and not before its beginning, as in the case of the traditional bonds linked to the interbank offered rates. Another difference in coupon rate calculation for the Argentinean bonds is the method of fixing the reference rate. If for traditional IBOR products the reference rate is simply the rate published the specified number of days prior to the coupon period, then for the Argentinean domestic bonds, the reference rate is the arithmetic average of the reference rates published during the period shifted from the coupon to the number of days determined by the issuer and described in the issuing document.

This calculation method is applied not only by the issuers of the corporate sector but also to the securities of the issuers of the municipal sector, as well as to the sovereign debt under local law of the Government of Argentina. The advantage of such a calculation mechanism is the guarantee that the issuer pays and the investor, respectively, receives a coupon at the rate that is actually effective in the market on the date of payment, which is relevant in the time of high volatility of interest rates. The disadvantage is that it is impossible to predict the amount of coupon payment and the ACI amount, which is increasing on a non-linear basis.

Coupon Rate and Coupon Amount
The coupon rate and coupon amount are available on the issue page in the "Cash Flow" section. The rate and payment amount of the current coupon period are calculated and published not earlier than 7 calendar days before the end of the coupon period.

ACI Amount
ACI on the current date is published in the main parameters section of the issue page. For calculation of the ACI amount on another date, a user should use the "Calculator" tool on the issue page, select the date on which the calculation should be made, and click the "Calculate" button.

In addition, users can find data with the calculated ACI amount on a certain date for all domestic floating-rate bonds of Argentina in the "Research Hub" section of the website. To do so, go to the "Research Hub" section, set the desired date in the search filters, select "Cbonds Group" in the "Provider" field and download a file called "ACI for Argentinean floating-rate bonds", which contains information on ACI for all outstanding Argentinean floating-rate bonds on the selected date. This file is published on the Cbonds website daily on business days from May 26, 2020.

Cbonds has prepared a template for calculation of ACI for all outstanding Argentinean bonds with a floating rate for those who prefer to work with data in Excel. Using this template users may change the set of bonds and the date of calculation according to their needs. To start accessing the data you need to install Cbonds Excel Add-in, installation instructions and additional information are available here.

Società: Cbonds Group

Nome completo della societàCbonds Ltd
Paese di registrazioneRussia
SettoreInformation and High Technologies


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