RegAlertRule · BCRA · 19 Jun 2025 · A 8259
Circular LISOL 1-1104 OPRAC 1-1284: Financing for the Non-Financial Public Sector. Global Debt Securities Issuance Program of the Province of Córdoba for 2025. Interest Rate Incorporation.
The Central Bank of the Argentine Republic issued Communication “A” 8259 to authorize financial entities to issue variable-rate debt securities under the Province of Córdoba’s 2025 Global Debt Issuance Program without triggering credit observation restrictions. The resolution permits the incorporation of the TAMAR rate plus a 550 basis point margin and explicitly prohibits applying foreign currency deposit lending capacity to subscriptions of U.S. dollar-denominated securities, in compliance with Section 2. of the Credit Policy consolidated text. This measure aligns provincial debt issuance with national treasury notes and existing credit risk fractionalization rules while maintaining regulatory oversight.
. “Year of the Reconstruction of the Argentine Nation” “Year of the Reconstruction of the Argentine Nation” . COMMUNICATION “A” 8259 19/06/2025 TO FINANCIAL ENTITIES:
Ref.: Circular
LISOL 1-1104,
OPRAC 1-1284:
Financing for the non-financial public sector.
Global Debt Securities Issuance Program of the Province of Córdoba for 2025. Interest Rate Incorporation. ___________________________________________________________________________ We address you to inform you that this Institution has adopted the resolution which, in its pertinent part, provides:
“- No observations shall be made, within the framework of the restriction contained in point 2.1. of the consolidated text on Financing for the Non-Financial Public Sector, regarding the incorporation of the TAMAR rate plus a margin of 550 (five hundred fifty) basis points for the issuance of debt securities at a variable interest rate within the framework of the Global Debt Securities Issuance Program of the Province of Córdoba for 2025 –authorized in due course as set forth in Communication A 8221–, in accordance with the conditions established in notes NO-2025- 29369632-APN-SH#MEC and NO-2025-62189154-APN-SH#MEC of the Treasury Secretariat of the Ministry of Economy of the Nation and without prejudice to compliance by the participating financial entities with the provisions on credit risk fractionalization set forth in that regulatory framework. The participating financial entities may not apply their lending capacity from foreign currency deposits to the subscription of the aforementioned securities denominated in United States dollars, as provided in Section 2. of the consolidated text on Credit Policy.” We extend our respectful greetings. CENTRAL BANK OF THE ARGENTINE REPUBLIC Darío C. Stefanelli Marina Ongaro Principal Manager of Issuance and Regulatory Applications Deputy General Manager of Financial Regulation
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