Banco Supervielle, a subsidiary of Argentina-based financial services group Grupo Supervielle S.A. (NYSE: SUPV); (BASE: SUPV) has completed its inaugural relevant international issuance of a 3.5YR tenor global bond denominated in Argentine Pesos equivalent to USD 300m, Grupo Supervielle said.
The notes will accrue interest at Badlar + 450 bps with a minimum coupon rate of 18%. The book was oversubscribed.
The decision to raise funds in the international and Argentine market follows the green shoots seen in the economy during the last quarter of 2016 and the positive outlook we perceive in our day to day business for 2017. The proceeds of this offering will be applied to loan origination with longer tenures between individuals and SMEs supporting our commitment to continue being a relevant player in the Argentine financial system.
Grupo Supervielle is headquartered in Buenos Aires, and its bank offers retail and corporate banking, treasury, consumer finance, insurance, asset management and other products and services nationwide to a broad customer base including: individuals, small and medium-sized enterprises and medium to large-sized companies.