Debt Capital Markets

YPF S.A., successfully concluded the International Exchange Offer and Consent Solicitation the largest corporate liability management exercise in the history of Argentina, which consisted in the issuance of its US$775,782,279 4.000%/9.000% Step Up Senior Secured and Export-Backed Notes due 2026 Series XVI, US$747,833,257 2.500%/9.000% Step Up Senior Notes due 2029 Series XVII and US$575,649,021 1.500%/7.000% Step Up Senior Notes due 2033 Series XVIII (2021).
Petroquímica Comodoro Rivadavia S.A. ’s issuance of notes for an amount of US$ 10,000,000 expandable for up to US$ 30,000,000 (2021).

We advised arrangers, placements agents, sub-placement agents and settlement agent in the Grupo Albanesi offering of US$40,000,000 Class VII Notes and Class VIII Notes (2021).
YPF S.A. in its in issuance of Additional Series XIV Notes for USD 75.551.034 and Series XIX Notes for 60,472,978 UVAs equivalent to AR$ 4,128,490,208.06. (2021).

Balanz Capital S.A.U., Banco de Galicia y Buenos Aires S.A.U. and Banco Santander Río S.A. . acted as placement agents in Tecpetrol S. A. offering of US$ 6.509.905 notes at a fixed rate of 4% due 2023 (2021).

Petroquímica Comodoro Rivadavia S.A. in its liability management transaction which consisted in the issuance of its US$30,119,338 9.00% Series D Notes due January 29, 2023, under the Frequent Issuer Simplified Regime, subscribed in cash and through the exchange of approximately 92.7% of its US$36,962,246 9.00% Series 2 Notes due February 17, 2021, issued under the U$S400,000,000 Notes Issuance Program (2021).

We advised arrangers in Grupo Albanesi offering of US$43,801,193 Class XIII Notes, Class IV Notes and Class V Notes (2020).

YPF S.A. in issuance of Series XIV Notes for USD 67,703,824 and Series XV Notes for AR$2,316,085,433. The placement of the notes took place on December 2, 2020 (2020).

Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A., Banco Santander Río S.A., Allaria Ledesma & Cía. S.A., Puente Hnos. S.A. and Balanz Capital Valores S.A.U. acted as book-running managers and placement agents in the issuance of notes by Compañía General de Combustibles S.A. of 3.00% Notes Series 18 due in November 2025 for an amount of US$20,000,000 (2020).

We advised los organizadores, colocadores, Rafael G. Albanesi S.A. , one of the most important Argentine gas trader acted as trustor TMF Trust Company (Argentina) S.A. acted as trustee in the creation of the Financial Trusts Global Program “RG ALBANESI II” for an amount up to U$S 100,000,000 and in the recent issuance and placement in Argentina of debt securities in the form of Class 1 Trust Securities for U$S 12,000,000 and Class 2 Trust Securities for U$S 1,000,000RG ALBANESI SERIE XI(2020).

Petroquímica Comodoro Rivadavia S.A. in its issuance of US$ 36,316,614 Series A Notes due 2023 issued under the Frequent Issuer Simplified Regime (2020).

Citigroup Global Markets Inc., J.P. Morgan Securities LLC y Santander Investment Securities Inc. acted as dealer managers and solicitation agents, and Industrial and Commercial Bank of China (Argentina) S.A. and Banco de Galicia y Buenos Aires S.A.Uacted as local placement agents in Compañía General de Combustibles S.A. ´s International Exchange Offer and Proxy Solicitation which consisted in the issuance of its US$196,110,000 9.500% Series 17 Notes due 2025 (2020).

CP Manque S.A.U. and CP Los Olivos S.A.U. ., jointly issued Notes for an aggregate principal amount of US$35,160,000 and AR$1,109,925,000. The Notes were guaranteed by Central Puerto S.A. (2020).

Genneia and BACS Banco de Crédito and Securitización S.A., Balanz Capital Valores S.A.U., Banco Patagonia S.A. and Macro Securities S.A., as placement agents, Banco Hipotecario S.A.acted as placement agents in the issuance of Notes for a nominal value equivalent to US$40 million (2020).

Banco de la Ciudad de Buenos Aires, Banco de Galicia y Buenos Aires S.A.U., Banco Santander Río S.A., HSBC Bank Argentina S.A., Max Valores S.A. and TPCG Valores S.A.U. acted as placement agents of the Additional Notes in the local offering of Ciudad de Buenos Aires completó of AR$11,587,500,000 floating rate public debt series 22 additional notes due 2024 (2020).

Vista Oil & Gas Argentina S.A.U. issuance of Notes for a nominal value equivalent to US$30 million (2020).

Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A., and Banco Santander Río S.Aacted as arrangers and placement agents, and SBS Trading S.A., Balanz Capital Valores S.A.Uand TPCG Valores S.A.U. In the issuance of ARCOR S.A.I.C.one of the main food produces in Argentina, Series 15 Notes for an amount of AR$ 2,500,000,000 (2020).

SBS Capital S.Aacted as arranger, SBS Trading S.A acted as placement agent, Balanz Capital Valores S.A.U., Banco de Servicios y Transacciones S.A., BACS Banco de Crédito y Securitización S.A., and Banco de la Provincia de Buenos Aires acted as arrangers and placement agents and Banco Hipotecario S.A. acted as sub-placement agent in Generación Mediterránea S.A. offering of US$9,876,755 Class XI Notes due 2021 and US$2,170,718 Class XII Notes due 2021 (2020).

Petroquímica Comodoro Rivadavia S.A. ’s issuance of US$ 48,555,039 Series 5 Notes due 2021 (2020).

Banco de Servicios y Transacciones S.A. acted as arranger and placement agent; SBS Capital S.A. acted as arranger; and SBS Trading S.A. and BACS Banco de Crédito y Securitización S.A. acted as arrangers and placement agents on the Issuance of debt securities under the “RG ALBANESI SERIE X(2020).

Banco de Galicia y Buenos Aires S.A.U., Industrial and Commercial Bank of China (Argentina) S.A. and Banco Santander Río S.A. . acted as book-running managers and placement agents, while Allaria Ledesma & Cía. S.A., BACS Banco de Crédito y Securitización S.A. and Puente Hnos. S.A. acted as placement agents and Banco Hipotecario S.A. acted as sub-placement agent in the issuance of Obligaciones Negociables Clase 15 5.00% Notes Series 15 due in August 2021 for an amount of US$19,890,615 denominated in U.S. Dollars and payable in Argentine Pesos at the prevailing exchange rate (2020).

J.P. Morgan Securities LLC acted as sole book-running manager of the offering and as sole initial purchaser and Puente Hnos. S.A. , as local placement agent, in the issuance o MSU Energy S.A. of US$250.3 million secured floating rate Notes due 2024 (2020).

Raghsa S.A., a leading Argentine real estate development company, issued US$58,342,000 8.50% Notes due on 2027 in exchange for approximately 78.4 % of its outstanding US$38,917,00 8.50% Notes due 2021 and approximately 23.3% of its outstanding US$119,729,840 7.25% Notes due 2024 (2020).

Balanz Capital S.A.U., Banco de Galicia y Buenos Aires S.A.U., HSBC Bank Argentina S.A. and Banco Santander Río S.A. as placement agents in the insuance of Tecpetrol of US$ 10,845,774 notes at a fixed rate of 4% due 2021 (the “Notes Series 2and (ii) ARS 2,414,053,739 notes at a variable rate of BADLAR plus a 4.5% margin due 2021 (2020).

Arrangers and Placement agents In the issuance of ARCOR S.A.I.C.., one of the main food produces in Argentina, of its Series 13 Notes for an amount of AR$ 1.065.220.000 (“Notes Series 13for an amount of US$14.343.535 denominated in U.S. Dollars and payable in Argentine Pesos at the prevailing exchange rate; and (iii)Notes Series 14“, and in conjunction with the Series No. 13 Notes, the “Notes“) under the Arcor´s MTN Program for the Issuance of Notes for an amount of up to US$ 800,000,000 (or its equivalent in other currencies) (2020).

We advised Arrangers and book-running managers and placement agents, in the issuance of Compañía General de Combustibles S.A. of: (i) Notes Series 12 for an amount of US$15.310.245, denominated and payable in U.S. Dollars; (ii) Notes Series 13 for an amount of US$14.343.535 denominated in U.S. Dollars and payable in Argentine Pesos at the prevailing exchange rate; and (iii) Notes Series 14 denominated and payable in Argentine Pesos for an amount of $314.608.906 at a floating annual interest rate equivalent to BADLAR, based on an agreed formula, plus 5.00% (2020).

AES Argentina Generación S.A. (“AES”), a leading electric power generation company in Argentina successfully completed the public offering of its (i) Series B Notes for an aggregate amount of U$S22,162,946 (“Notes Series B”), (ii) Series C Notes for an aggregate amount of U$S18,629,677 (Notes Series C”), y (iii) Series D Notes for an aggregate amount of $468,880,940 (Notes Series D” and jointly with the Notes Series B and the Notes Series C, the “Notes“)in the domestic capital market. The Notes were issued on February 18, 2020 under AES’s US$500,000,000 Global Notes Program (2020).
Puente Hnos. S.A. y Banco de Servicios y Transacciones S.A. , in the offering of USD 60,034,015 10.000% Class 13 Notes denominated and payable in U.S. dollars due 2025 of Celulosa Argentina S.A.under its USD 280,000,000 Global Notes Programme (2019).

Balanz Capital Valores S.A.U., Banco de Servicios y Transacciones S.A. and SBS Trading S.A. actuaron en su carácter de organizadores y agentes colocadores, a su vez, SBS Trading S.A. actuó en su carácter de agente de liquidación en la emisíon de obligaciones negociables clase X a tasa fija Generación Mediterránea S.A. con vencimiento el 16 de febrero de 2021 por un monto total de U$S 28.148.340. Adicionalmente, Generación Mediterránea S.A. y Central Térmica Roca S.A co-emitieron sus obligaciones negociables clase III a tasa fija, con vencimiento el 11 de abril de 2021 por un monto total de U$S 25.730.782 (2019).

BBVA Banco Francés S.A. and Industrial and Commercial Bank of China (Argentina) S.A., as arrangers and placement agents, in the issuance of notes by PSA Finance Argentina Compañía Financiera S.A. for an amount of AR$ 500 million (approximately US$ 13.8 million) (Series 27), under its Global Notes Program worth AR$ 3,000 million (approximately US$ 83.1 millon) (2019).

Banco Itaú Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A., acted as placement agents in connection with the issuance of the Series No. 2 notes issued by Metrogas S.A. for an amount of AR$ 512 million (US$ 14 million) (2018).

Genneia S.A. on the issuance of their 12% fixed rate senior notes due 2020, for an aggregate principal amount of US$51.5 million. Banco Macro S.A., acted as local arranger, Bacs Banco de Crédito y Securitización S.A., Balanz Capital Valores S.A.U., Banco Itaú Argentina S.A., Banco Santander Río S.A. and Macro Securities S.A.., as local placement agents and Banco Hipotecario S.A., as sub-local placement agent (2018).

Certain private investors and J.P. Morgan Securities LLC , as arranger, in the issuance of global notes guaranteed of Rio Energy S.A., UGEN S.A. and UENSA S.A. MSU Energy companies- for an amount of US$ 250 million due in 2023. The proceeds of the issuance will be used by the Companies for the expansion and conversion of its facilities. Citibank N.A. acted as notes agent, paying agent and registrar, and Citibank, N.A. Argentina as collateral agent and trustee (2018).

Vrio Finco 1 LLC and Vrio Finco 2 Inc., affiliates of AT&T , subsidiaries which control DirecTV in Latin America, in the joint issuance of US$ 1 billion notes. Citigroup Global Markets Inc., J.P. Morgan Securities LLC., Goldman Sachs & Co. and Morgan Stanley & Co. LLC. acted as joint bookrunners, Banco Bradesco BBI S.A., Barclays Capital Inc., BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC, Itau BBA USA Securities, Inc. and Santander Investment Securities Inc., acted as co-managers, and and TMF Group acted in Brazil, Argentina and Peru as fiduciary agent (2018).

Citicorp Capital Markets S.A., Banco Itaú Argentina S.A. and HSBC Bank Argentina S.A., as initial purchasers, and Banco de la Provincia de Buenos Aires, Banco de Galicia y Buenos Aires S.A., Banco Itaú Argentina S.A., Citicorp Capital Markets S.A., and HSBC Bank Argentina S.A., as local placement agents, in the AR$ 30 billion (approximately US$ 1.5 billion) bond issuance of the Province of Buenos Aires. Citigroup Global Markets Inc., Itau BBA USA Securities, Inc. and HSBC Securities Inc. served as international purchasers for the international portion of the offering (2018).

J.P. Morgan Securities LLC acted as global coordinator, and J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Itau BBA USA Securities, Inc. supports the work of the global network and has appointed Bruchou as joint coordinators in the issuance of global notes not convertibles in shares, not subordinated and guaranteed of Río Energy S.A., UGEN S.A. and UENSA S.A. -MSU Energy companies – for an amount of US$ 600 million at 6.875% rate and expiration in 2025. Banco Itaú Argentina S.A., Industrial and Commercial Bank of China (Argentina) S.A., Banco de Galicia y Buenos Aires S.A., Banco Hipotecario S.A., BACS Banco de Crédito y Securitización S.A., Macro Securities S.A. and BAF Securities S.A. acted as local placement agents (2018).

Genneia in the retap of their 8.750% senior notes due 2022, for an aggregate additional amount of US$150 million. Citigroup Global Markets Inc., Itaú BBA USA Securities Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated acted as initial purchasers and BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., Industrial and Commercial Bank of China (Argentina) S.A., and Macro Securities S.A. as local placement agents (2018).

Citigroup Global Markets Inc., Deutsche Bank Securities Inc and HSBC Securities (USA) Inc. supports the work of the global network and has appointed Bruchou as joint bookrunners en la emisión de bonos de la Republic of Argentina for a total amount of US$ 9 billion. This transaction was registered with the SEC (2018).

The Province of La Rioja, as issuer, in the reopening of 9.750% notes due 2025 for an additional amount of US$ 100 million in the international capital markets. UBS Securities LLC, acted as initial purchaser, Banco Voii S.A. and Puente Hnos. S.A. acted as local placement agents (2017).

BBVA Securities Inc., Citigroup Global Markets Inc., J. P. Morgan Securities LLC and Santander Investment Securities Inc. as initial purchasers and BBVA Banco Francés S.A. y Banco Santander Río S.A.as local placement agents, in the issuance of the 4,875% senior notes for a total amount of US$ 500 million due in 2022 issued by Tecpetrol S.A. and irrevocably and unconditionally guaranteed by Tecpetrol S.A. and Tecpetrol Internacional S.L.U. (2017).

HSBC Securities (USA) Inc. as initial purchaser, Banco de Galicia y Buenos Aires S.A., HSBC Bank Argentina S.A., Banco Macro S.A., Banco de la Ciudad de Buenos Aires and Macro Securities S.A. as local placement agents of the international and local offering of AR$ 7,063,908,125 (approximately US$ 400 million) floating rate public debt notes due 2028 of the City of Buenos Aires. Simultaneously; the banks acted as dealer managers in the local tender offer for AR$ 6,713,463,596.91 (approximately US$ 380 million) of series 3, 4, 5, 6, 14, 15, 16, 18 and 19 of the City of Buenos Aires outstanding public debt notes (2017).

Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Santander Investment Securities Inc. acted as initial purchasers in the reopening of the Province of Entre Ríos´ 8.750% notes due 2025 for an additional amount of US$150 million (2017).

Sole Argentine Counsel to Banco Bilbao Vizcaya Argentaria, Citigroup Global Markets and Banco Santander, as joint bookrunners, in the € 2.75 billion international bond issuance of the Republic of Argentina (approximately US$ 3.3 billion). This transaction marks Argentina’s first SEC-registered primary offering since its return to the capital markets in 2016 (2017).

BBVA Banco Francés S.A and Banco de Galicia y Buenos Aires S.A. . as placement agent, in the issuance of global notes, not convertible into shares, of PSA Finance Argentina Compañía Financiera S.A.for an amount of AR$ 410 million at variable floating rate and expiration date in 24 months (approximately US$ 23 million) (2017).

Banco Macro S.A., as arranger, and Macro Securities S.A.., as placement agent, in the issuance of global notes, not convertible into shares, of Generación Mediterránea (GEMSA) and Central Térmica Roca S.A., Albanesi Group companies, for a nominal amount of U$S 30 million at fixed rate and expiration date in 2020 (2017).

Banco Macro S.A., as arranger, and Macro Securities S.A., as placement agent, in the issuance of Series 8 notes of Generación Mediterránea (GEMSA) for an amount of US$ 17.935.000 at variable Floating Rate and expiration date in 2021 (2017).

HSBC Bank Argentina S.A., as issuer of the notes, and HSBC Bank Argentina S.A. and Banco Galicia y Buenos Aires S.A. HSBC Bank Argentina S.A. as placement agents, in its series 5 notes issuance for $1,605,713,000 under its global note program for a nominal amount of US$ 500 millions, at the Tasa de Política Monetaria interest rate, as determined by the Argentine Central Bank, due in 2020 (2017).

Deutsche Bank AG, London Branch, HSBC Bank Argentina S.A., Santander Río Valores S.A., as initial purchasers, and Deutsche Bank AG, London Branch, Banco Santander S.A. and HSBC Securities (USA) Inc., as international purchasers, in the € 500 million international bond issuance of the Province of Buenos Aires (approximately US$ 590 million) (2017).

Itau BBA USA Securities Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc., as initial purchasers and Banco Santander Río S.A. and Banco Itaú Argentina S.A. as local placement agents, in the international issuance of additional notes Series 9 by Arcor S.A.I.C for a total amount of US$ 150 million at a fixed rate of 6% per annum and expiration date in 2023 (2017).

Sole Argentine Counsel to Citigroup Global Markets Inc., HSBC Securities (USA) Inc., Santander Investment Securities Inc. and Nomura Securities International Inc., as joint bookrunners, in the first 100 year bond issuance of the Republic of Argentina for a total amount of US$ 2.75 billion (2017).

Puente Hnos. S.A. and Banco de Servicios y Transacciones S.A., as arrangers and placement agents, in the issuance of Series 10 and 11 notes by Celulosa Argentina S.A. for an amount of US$ 21.5 million under its global note programme worth up to US$ 280 million (or its equivalent in other currencies) (2017).

BBVA Securities Inc., Santander Investment Securities Inc. and HSBC Securities (USA) Inc., as international purchasers, BBVA Banco Francés S.A., Banco Santander Río S.A. and HSBC Bank Argentina S.A., as initial purchasers and BBVA Banco Francés S.A., Banco de la Provincia de Buenos Aires, Banco de Galicia y Buenos Aires S.A., Banco Santander Río S.A. and HSBC Bank Argentina S.A., as local placement agents in the AR$ 15.2 billion (approximately US$ 949 million) local notes issuance by the Province of Buenos Aires, placed locally and internationally in accordance with Rule 144A and Regulation S of the US Securities Law. This is the first issuance by the province governed by Argentine law, placed locally and internationally and denominated in Argentine pesos (2017).

BBVA Banco Francés S.A. and Macro Securities S.A., as subscribers and placement agents, in the issuance of notes by PSA Finance Argentina Compañía Financiera S.A. for an amount of AR$ 300 million (approximately US$ 18.7 million) (Series 23), under its Global Notes Program worth AR$ 3,000 million (approximately US$ 187.5 millon) (2017).

Electronic System S.A., a premier Argentine electronic goods manufacturer, in the placement of notes (Series I and II) for a total amount of approximately US$ 42.8 million under its US$ 250 million bond program (or its equivalent in other currencies). BACS Banco de Crédito y Securitización S.A., Banco de Servicios y Transacciones S.A. and Banco Macro S.A., acted as arrangers, BACS Banco de Crédito y Securitización S.A., Banco de Servicios y Transacciones S.A. and Macro Securities S.A., acted as lead placement agents, and Provincia Bursátil S.A., Banco Hipotecario S.A., Banco Mariva S.A., Cohen S.A. and Industrial Valores S.A., acted as co-placement agents (2017).

The Province of Neuquén, as issuer, in the US$ 366 million notes issuance in the international capital markets. Citigroup Global Markets Inc. and Santander Investment Securities Inc. acted as initial purchasers, and U.S. Bank National Association acted as trustee, paying agent, transfer agent and registrar (2017).

The Province of Tierra del Fuego, Antártida e Islas del Atlántico Sur, as issuer, in the US$ 200 million notes issuance in the international capital markets. The Province intends to use the net proceeds obtained from the offering for development of certain infrastructure projects in the Province. UBS Securities LLC acted as joint lead manager and initial purchaser, and Puente Hnos. S.A. acted as joint lead manager and Argentine placement agent (2017).

Citigroup Global Markets Inc. and J.P. Morgan Securities LLC., as initial purchasers, in the placement of senior notes by Arcos Dorados Holdings Inc. for a total amount of US$ 265 million (2017).

HSBC Securities (USA) Inc., JPMorgan Securities LLC and Itau BBA USA Securities, Inc., as initial purchasers, Banco de Galicia y Buenos Aires S.A. and Banco Itaú Argentina S.A., as local placement agents, in the international issuance of Series XXXVII notes by Tarjeta Naranja S.A., for a total amount of US$ 250 million, under its Short, Medium and/or Long Term Global Notes Program worth US$ 650 million (2017).

Raghsa S.A.., in the issuance of notes for a total amount of US$ 100 million. Itau BBA USA Securities, Inc. and Ubs Securities LLC acted as initial purchasers and dealer managers, The Bank of New York Mellon acted as trustee, paying agent, transfer agent and registrar, Banco de Valores S.A. acted as local representative of the trustee and Bondholder Communications Group, LLC acted as information and exchange agent in the exchange offer and consent solicitation. A portion of the net proceeds from the offering of New Notes for cash were applied to purchase a construction site in the City of Buenos Aires on which a new real estate project will be developed (2017).

JP Morgan, as Global Coordinator and Joint Bookrunner, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc., as Joint Bookrunners, in the 7% US$ 250 million international notes issuance by the Province of Santa Fe (2017).

The Province of La Rioja, as issuer, in the US$ 200 million notes issuance in the international capital markets for the first time in its history. The Province intends to use net proceeds from the offering mainly to invest in the development of Parque Arauco SAPEM’s renewable energy projects and other projects expected to have a positive environmental impact. The notes were issued following the 2016 Green Bond Principles. UBS Securities LLC, acted as initial purchaser, Banco Voii S.A. and Puente Hnos. S.A. acted as local placement agents (2017).

BBVA Securities Inc., BNP Paribas Securities Corp. and J.P. Morgan Securities LLC, as international purchasers, and BBVA Banco Francés S.A., BNP PARIBAS Sucursal Buenos Aires and JP Morgan Chase Bank N.A. Sucursal Buenos Aires, as initial purchasers in Argentina, in the US$ 1.5 billion international notes issuance by the Province of Buenos Aires (2017).

Banco Provincia del Neuquén S.A., as arranger and dealer manager, Banco Macro S.A., as co-arranger, Banco de Galicia y Buenos Aires S.A., as co-arranger and co-placement agent, and Macro Securities S.A., as co-placement agent, in the issuance of secured treasury notes of the Province of Neuquén for an aggregate amount of $ 1.912.004.444 (US$ 123,534,607.13 million) (2017).

Banco Macro, Banco Hipotecario, BACS Banco de Crédito y Securitización, AR Partners and Macro Securities, in the issuance of Series VI and VII notes by Generación Mediterránea S.A. for a total amount of US$ 70 million (2017).

Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Santander Investment Securities Inc., as initial purchasers, in the issuance of bonds by the Province of Entre Ríos, for a total amount of US$ 350 million (2017).

Credit Suisse Securities (USA) LLC and Santander Investments Securities Inc., as joint bookrunners and lead managersand the Argentine Placement Agents, in the placement of Series T notes by Banco Supervielle S.A. for an aggregate principal amount of $ 4,768,170,000 (approximately US$ 302.5 million) (2017).

AES Argentina Generación S.A., in the international placement of notes for a total amount of US$ 300 million. Credit Suisse Securities (USA) LLC, Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC acted as initial purchasers (2017).

Sole Argentine Counsel to BBVA Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc., as joint bookrunners, in the US$ 7 billion bond issuance of the Republic of Argentina (2017).

Genneia S.A. in the placement of senior notes for an aggregate principal amount of US$ 350 million. Itau BBA, J.P. Morgan and Bank of America Merrill Lynch, acted as initial purchasers and Banco Hipotecario S.A., Industrial and Commercial Bank of China (Argentina) S.A., Macro Securities S.A. and BACS Banco de Crédito y Securitización S.A., acted as local placement agents (2017).

Citigroup, Deutsche Bank Securities, Credit Agricole CIB and Santander, as initial purchasers, in the issuance of Series I notes by Pampa Energía S.A., for a total amount of US$ 750 million (2017).

Medanito S.A.., an Argentine company, active in oil and gas exploration and production, in the placement of notes (Series X) for a total amount of US$ 20 million under its Note Programme (not convertible into shares) worth up to US$ 150 million (or its equivalent in other currencies) (2016).

Roch S.A. in the issuance of Series III notes, denominated and payable in U.S. dollars, for a total amount of US$ 16 million. Puente Hnos. S.A. acted as arranger and placement agent (2016).

Bank of America Merrill Lynch International Limited, Barclays Bank PLC, Jefferies Finance LLC and Morgan Stanley Bank International Limited, as initial purchasers, in the placement of guaranteed senior notes by Codere Finance 2 (Luxemburgo) for a total amount of US$ 300 million and € 500 million (approximately US$ 533 million) (2016).

Banco Macro S.A., Banco Hipotecario S.A. and BACS y Banco de Crédito y Securitización S.A.,as arrangers, and Macro Securities S.A., BACS Banco de Crédito y Securitización S.A., Banco de la Provincia de Buenos Aires and Banco Hipotecario S.A.., as placement agents, in the placement of Series II notes by Albanesi S.A. for a total amount of AR$ 220 million (approximately US$ 13.99 million) under its Global Note Programme (not convertible into shares) worth up to US$ 100 million (2016).

Banco Macro S.A., in the international placement of subordinated notes for a total amount of US$ 400 million. Goldman Sachs and UBS Securities acted as initial purchasers and Macro Securities S.A. as local placement agent (2016).

BBVA Banco Francés and Banco Patagonia S.A.as placement agents, in the issuance of notes by PSA Finance Argentina Compañía Financiera for an amount of AR$ 129 million (US$ 8.333.333) (Series 21) and AR$ 121 million (US$ 7.816.537) (Series 22) under its Global Notes Program worth AR$ 800 million (US$ 51.679.586) (2016).

Newsan S.A.., Argentine leader in production, commercialization and distribution of domestic appliances, in the placement of notes (Series VII and VIII) for a total amount of AR$ 500 million (approximately US$ 33 million). Banco de Servicios y Transacciones S.A., BBVA Banco Francés S.A., Industrial and Commercial Bank of China (Argentina) S.A. and Puente Hnos. S.A. acted as placement agents (2016).

JP Morgan, as Global Coordinator and Joint Bookrunner, Citi and HSBC, as Joint Bookrunners, in the 6.9% US$ 250 million international notes issuance by the Provincia de Santa Fe (2016).

Único asesor legal argentino de Banco Bilbao Vizcaya Argentaria S.A., BNP Paribas and Credit Suisse Securities (Europe) Limited, as initial purchasers, in the € 2.5 billion (approximately US$ 2.73 billion) bond issuance of the Republic of Argentina (2016).

BBVA, HSBC and Merrill Lynch, as initial purchasers, in the US$ 750 million international notes issuance by the Province of Buenos Aires (2016).

Santander Investment Securities Inc., as Sole Dealer Manager, in the international issuance of bonds by the City of Cordoba for an aggregate amount of US$ 150 million, being the first municipality of the Republic of Argentina to access the international capital markets in the last 15 years (2016).

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as underwriters and the Argentine Placement Agents, in the placement of Series T notes by Petrobras Argentina S.A. for an aggregate principal amount of US$ 500 million and tender offer of approximately US$ 208 million existing notes (early bird). The notes were issued within the context of the sale of the Issuer, which was in the process of being acquired by Pampa Energía S.A. from Petrobras Brasil S.A. (2016).

Puente Hnos. S.A., Banco de Servicios y Transacciones S.A., SBS Trading S.A. and SBS Trade S.A., as arrangers and placement agents, in the placement of Series III notes by Generación Frías S.A. for a total amount of AR$ 160 million (approximately US$ 10.5 million) under its Global Note Programme worth up to US$ 50 million (2016).

Banco Macro S.A. and BACS Banco de Crédito y Securitización S.A., as arrangers, and Macro Securities S.A., BACS Banco de Crédito y Securitización S.A. and Banco Hipotecario S.A.., as placement agents, in the placement of Series V notes by Generación Mediterranea S.A. for a total amount of AR$ 200 million (approximately US$ 13.3 million) under its Global Note Programme worth up to US$ 100 million (2016).

Itau BBA USA Securities Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc.., as initial purchasers, in the international placement of notes by Arcor S.A.I.C. for a total amount of US$ 350 million. Additionally, Itau BBA USA Securities Inc., J.P. Morgan Securities LLC and Santander Investment Securities Inc. acted as dealer managers in the tender offer of approximately US$ 51 million of its Notes due in 2017 (2016).

Citigroup Global Markets Inc. and Deutsche Bank Securities Inc., as joint book-running managers and initials purchasers, and Banco Macro S.A., as arranger and local placement agent, in the international issuance of bonds by the Province of Salta for an amount of US$ 300 million (2016).

Sole Argentine Counsel to Credit Suisse, Deustche Bank, Bank of America Merrill Lynch and Morgan Stanley, as initial purchasers, in the US$ 2.75 billion bond issuance of the Republic of Argentina (2016).

UBS Investment Bank, as initial purchaser, and Banco Comafi, as local placement agent, in the placement of notes b Empresa Distribuidora de Electricidad de Salta (EDESA) ) for an amount of US$ 65 million (2016).

Banco Macro S.A., Macro Securities S.A. and Balanz Capital Valores S.A.., as arrangers and placement agents, in the placement of notes by Central Térmica Roca S.A. for a total amount of approximately AR$ 170 million under its Note Programme (not convertible into shares) worth up to US$ 50 million (or its equivalent in other currencies) (2016).

BBVA Banco Francés S.A. and Banco de Galicia y Buenos Aires S.A. -as placement agents- in the placement of notes (Series XX) by PSA Finance Argentina Compañía Financiera S.A. for an amount of AR$ 150 million (approximately US$ 11 million) under its Global Notes Program worth AR$ 800 million (2016).

Medanito S.A., an Argentine company, active in oil and gas exploration and production, in the placement of notes for a total amount of AR$ 180 million (approximately US$ 12.4 million) (Series VII). Balanz Capital S.A. acted as arranger and placement agent (2016).

BACS Banco de Crédito, Industrial and Commercial Bank of China, AdCap Securities Argentina, Balanz Capital, Banco de Servicios y Transacciones, Puente Hnos, Raymond James Argentina and SBS Trading, as placement agents, in the placement of notes by Petrolera Pampa for an amount of AR$ 295 million (approximately US$ 20.9 million) (2016).

Citibank, HSBC Bank and Banco Santander, as initial purchasers, in the US$ 1 billion international notes issuance by the Province of Buenos Aires (2016).

Deutsche Bank Securities Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and HSBC Securities (USA) Inc., as international purchasers and dealer managers, in the issuance of bonds by the City of Buenos Aires for an amount of US$ 890 million due in 2027, of which approximately US$ 258 million were tendered for debt securities due in 2017 (2016).

Banco de Galicia y Buenos Aires S.A., Banco Santander Río S.A. and BBVA Banco Francés S.A. -as placement agents-, in the issuance of bonds by the City of Buenos Aires for an amount of AR$ 2,069 million (approximately US$ 144.7 million) issued under the Financing Program in the Local Market (2016).

Puente Hnos S.A. and Banco de Servicios y Transacciones S.A. -as placement agents-, in the issuance of bonds by the City of Buenos Aires for an amount of AR$ 948 million (approximately US$ 66.3 million) issued under the Financing Program in the Local Market (2016).

Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC -as Initial Purchasers and Dealer Managers-, and Banco de Galicia y Buenos Aires S.A., Banco Macro S.A. and Puente Hnos S.A. -as Local Placement Agents and Local Dealer Managers-, in the issuance of Public Debt Cancellation Bonds in the international capital markets by the Province of Neuquén for an aggregate principal amount of approximately US$ 349 million (US$ 235 million from the initial issuance of Public Debt Cancellation Bonds, and approximately US$ 114 million from the exchange of Secured Notes for additional Public Debt Cancellation Bonds), secured by hydrocarbon royalties. Deutsche Bank Trust Company Americas acted as the indenture trustee (2016).

Deustche Bank, HSBC Bank USA, JP Morgan, Santander, BBVA, UBS and Citibank, as initial purchasers, in the US$ 16.5 billion bond issuance of the Republic of Argentina, the largest ever bond issuance by an emerging market economy, giving an end to Argentina’s 15 years of default (2016).

Banco Itaú Argentina, Industrial and Commercial Bank of China (Argentina) and Banco Macro, as arrangers, and Banco Itaú Argentina, Industrial and Commercial Bank of China (Argentina) and Macro Securities, as placement agents, in the placement of notes by Genneia S.A. for an amount of US$30 million under its Global Note Programme worth US$400 million (2016).

Citibank, HSBC and JP Morgan, as purchasers, in the international issuance of bonds by the Province of Buenos Aires for an aggregate amount of approximately US$ 1.25 billion (2016).

The Province of Salta as issuer, Banco Macro S.A. as arranger and Macro Securities S.A. as placement agent, in the issuance of Series 1 and Series 2 of treasury bills of the Province of Salta for an aggregate amount of AR$ 550 million (approximately US$ 39 million) issued under the AR$ 550 million (or its equivalent in US dollars) Treasury Bills Issuance Program of the Province of Salta (2016).

Merrill Lynch, Pierce, Fenner & Smith Incorporated and Itau BBA USA Securities, Inc., as initial purchasers and dealer managers, and Banco Itaú Argentina S.A., as local placement agent, in the issuance of Series XXIX notes and a tender offer carried out by Banco Hipotecario S.A. in the international capital markets, for an amount of US$200 million (2015).

Genneia S.A. in the placement of notes for an amount of US$20 million under its Global Note Programme for US$400 million. BACS Banco de Crédito y Securitización, Banco Hipotecario, Industrial and Commercial Bank of China, Banco Macro, Macro Securities and Banco de Servicios y Transacciones acted as placement agents (2015).

BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., Banco Macro S.A., Macro Securities S.A., Banco de la Provincia de Buenos Aires and Industrial and Commercial Bank of China (Argentina) S.A. -as arrangers and placement agents-, and Consultatio Investments S.A., Banco de Servicios y Transacciones S.A., Puente Hnos. S.A., and SBS Trading S.A. . -as the placement agents-, in the placement of Series A Notes by Central Térmica Loma de la Lata for an amount of approximately US$ 30 million under its Note Programme (not convertible into shares) worth up to US$ 350 million (or its equivalent in other currencies). The Notes have been qualified by the Superintendencia de Seguros de la Nación (the “SSN”), the local insurance company authority, as a “productive investment”. Pursuant to local regulation, argentine insurance companies must invest a certain portion of their investment portfolio in securities which use proceed is qualified as “productive investment” by the SSN (2015).

BACS Banco de Crédito y Securitización, Banco de Servicios y Transacciones, Banco Hipotecario and Industrial and Commercial Bank of China (Argentina) -as arrangers and placement agents-, and Allaria Ledesma, Consultatio Investments, Puente Hnos., Raymond James Argentina and SBS Trading -as joint placement agents-, in the placement of Series C Notes by Central Térmica Loma de la Lata for an amount of approximately US$ 28 million under its Note Programme (not convertible into shares) worth up to US$ 350 million (or its equivalent in other currencies) (2015).

Genneia S.A. in the placement of notes for an amount of US$15.5 million under its Global Note Programme worth US$400 million. BACS Banco de Crédito y Securitización, Banco Hipotecario and Industrial and Commercial Bank of China acted as placement agents (2015).

Puente Hnos. S.A., as arranger and placement agent, in the issuance of Series 4 notes by Celulosa Argentina S.A. for an amount of AR$ 61.9 million under its global note programme worth up to US$ 280 million (or its equivalent in other currencies) (2015).

RAGHSA S.A. in the exchange of approximately US$ 58 million senior notes due in 2017 for newly issued notes due in 2021 in the international capital markets. Itaú BBA USA Securities, Inc. acted as dealer manager, The Bank of New York Mellon acted as trustee, paying agent, transfer agent and registrar, Banco de Valores S.A. acted as local representative of the trustee and Bondholder Communications Group, LLC acted as information and exchange agent in the exchange offer and consent solicitation (2015).

Banco Macro S.A. and Macro Securities S.A., as arrangers and placement agents, in the issuance of Series IV notes by Generación Mediterránea S.A. for an amount of AR$ 130 million (approximately US$ 14.1 million) under its global note programme worth up to US$ 100 million (2015).

The Province of Salta as issuer, Banco Macro S.A. as arranger and Macro Securities S.A. as placement agent, in the issuance of Series 1 of treasury bills of the Province of Salta for an aggregate amount of AR$ 449.3 million (approximately US$ 46.8 million) issued under the AR$ 450 million (or its equivalent in US dollars) Treasury Bills Issuance Program of the Province of Salta (2015).

BNP Paribas Securities Corp. and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as international purchasers and dealer managers, and BNP Paribas Sucursal Buenos Aires and Merrill Lynch Argentina S.A., as initial purchasers, in the issuance of bonds by the Province of Buenos Aires for an aggregate amount of approximately US$ 899.5 million due in 2021, of which approximately US$ 399.5 million corresponded to the exchange of debt securities due in 2015 (2015).

BofA Merrill Lynch, HSBC and J.P. Morgan -as Joint Book-Runners-, in the issuance of bonds by the City of Buenos Aires for an aggregate amount of US$ 500 million issued under the US$ 2,290,000,000 Medium-Term Note Programme (2015).

Banco Macro S.A. -as arranger and trustee- and Macro Securities S.A. -as placement agent-, in the issuance of bonds by the Province of Salta for an aggregate amount of AR$ 250 million (approximately US$ 28.1 million) issued under the AR$ 650 million Notes Issuance Program (Programa de Emisión de Títulos de Deuda) (or its equivalent in US dollars) (2015).

Roch S.A. in the issuance of Series II notes for an amount of US$ 15 million under its Global Programme for short, medium and long term notes worth up to US$ 50 million (or its equivalent in other currencies). Puente Hnos. S.A. acted as placement and structuring agent (2015).

Puente Inversiones y Servicios S.A., as arranger and placement agent, in the issuance of Series II and III notes by Celulosa Argentina S.A. for an amount of AR$ 82.8 million and US$ 2.9 million, respectively, under its global note programme worth up to US$ 280 million (or its equivalent in other currencies) (2015).

Banco Macro S.A., SBS Trading S.A. (former SBS Sociedad de Bolsa S.A) and Banco de Servicios y Transacciones S.A.., as arrangers and placement agents, in the issuance of Series III notes by Generación Independencia S.A. for an amount of AR$ 68.5 million under its note programme (not convertible into shares) worth up to US$ 50 million (or its equivalent in other currencies) (2015).

Banco Itaú Argentina S.A. and Industrial and Commercial Bank of China (Argentina) S.A. -as arrangers and placement agents-, and Macro Securities S.A., SBS Trading S.A. (former SBS Sociedad de Bolsa S.A) and Banco de Servicios y Transacciones S.A. -as placement agents-, in the placement of notes by Central Térmica Roca S.A. for an amount of AR$ 80 million under its Note Programme (not convertible into shares) worth up to US$ 50 million (or its equivalent in other currencies) (2014).

BACS Banco de Crédito y Securitización S.A., Banco Hipotecario S.A., Citicorp Capital Markets S.A. and Industrial and Commercial Bank of China (Argentina) S.A. -as arrangers and placement agents-, Banco de Galicia y Buenos Aires S.A. -as co-placement agent- and Allaria Ledesma & Cía. S.A., Banco de Servicios y Transacciones S.A., Puente Inversiones y Servicios S.A., Raymond James Argentina S.A. and SBS Trading S.A. -as sub-placement agents-, in the placement of notes by Central Térmica Loma de la Lata S.A. for an amount of US$ 39.2 million under its Note Programme (not convertible into shares) worth up to US$ 350 million (or its equivalent in other currencies) (2014).

Banco Macro, SBS Trading Macro Securities and Banco de Servicios y Transacciones, as arrangers, placement makers and fiduciary agent for the offering, in a hybrid project finance worth US$ 14 million to upgrade a thermal power plant in the province of Santiago del Estero of a subsidiary of Argentine energy investment platform Grupo Albanesi (2014).

Banco Macro S.A., Industrial and Commercial Bank of China (Argentina) S.A., Banco Hipotecario S.A., Macro Securities S.A. and BACS Banco de Crédito y Securitización S.A. -as arrangers and placement agents- in the placement of notes by Genneia S.A. for an amount of US$15 million under its Global Note Programme worth US$200 million (2014).

Banco Macro S.A., as arranger, and Macro Securities S.A., as placement agent, in the issuance of Series II notes by Generación Independencia S.A. for an amount of AR$35 million under its US$50 million note programme and which its highlight was the possibility of subscribing the new notes with cash or in kind, by exchanging Series I Notes (2014).

Ángel Estrada & Compañía S.A. in the placement of short-term notes Series I for a nominal amount of up to AR$90 million (expandable to AR$120 million) under its Global Program for the Issuance of Short Term Debt Securities for a nominal amount of up to AR$360 million (or its equivalent in other currencies). Cohen S.A. Sociedad de Bolsa served as arranger and placement agent, and BBVA Banco Frances S.A. and Banco Santander Río S.A. as placement agents (2014).

Bank of America Merrill Lynch and Deutsche Bank Securities Inc., as Initial Purchasers, and Merrill Lynch Argentina S.A. and Deutsche Bank S.A., as local placement agents, in a debt restructuring process and in the issuance of Series F Notes by Mastellone Hermanos S.A. for an amount up to US$200 million (2014).

Medanito S.A., an Argentine company, active in oil and gas exploration and production, in the placement of notes for a total amount of approximately AR$ 160 million (Series III) and approximately US$ 20 million (Series IV). Citibank Argentina S.A., Banco Itaú Argentina S.A. and HSBC Bank Argentina S.A. acted as arrangers and placement agents (2014).

Banco Itaú Argentina S.A., Banco Macro S.A. and Macro Securities S.A. Sociedad de Bolsa -as arrangers and placement agents- in the placement of notes by Genneia S.A. for an amount of US$15 million under its Global Note Programme worth US$200 million (2014).

Deutsche Bank S.A. -as trustee-, in the issuance of bonds by the Province of Entre Ríos for an aggregate amount of US$63.7 million issued under the AR$900 million Notes Issuance Program (Programa de Emisión de Títulos de Deuda) (2013).

Banco de Galicia y Buenos Aires S.A., HSBC Bank Argentina S.A. and Banco Santander Río S.A.., as placement agents, in the placement of notes (Series X and XI) by Molinos Río de la Plata S.A. for an amount of approximately US$ 57.5 million under its US$ 700 million (or its equivalent in other currencies) Global Notes Programme (2013).

Puente Hnos. S.A. Sociedad de Bolsa -as co-placement agent-, in the issuance of bonds by the Province of Buenos Aires for an amount of US$200 million under its Public Debt Issuance Program in the local Capital Markets for up to US$250 million. Banco de la Provincia de Buenos Aires acted as arranger and dealer manager of the transaction (2013).

Deutsche Bank S.A. -as trustee-, in the issuance of bonds by the Province of Entre Ríos for an aggregate amount of US$89 million issued under the AR$900 million Notes Issuance Program (Programa de Emisión de Títulos de Deuda) (2013).

BBVA Banco Francés S.A. -as arranger and placement agent- and Banco Patagonia S.A. . -as co-placement agent- in the placement of notes (Series XV and XVI) by PSA Finance Argentina Compañía Financiera S.A. for an amount of AR$150 million (approximately US$27 million) under its Global Notes Program worth AR$800 million (2013).

Banco Santander Río S.A. and BBVA Banco Francés, as arrangers and placement agents, and Banco de Galicia y Buenos Aires S.A., as placement agent, in the placement of notes (Series II and III) by Arcor for an aggregate amount of AR$ 300 million (approximately US$ 54.1 million) under its US$ 500 million Global Notes Programme (2013).

Citicorp Capital Markets S.A., Banco de Galicia y Buenos Aires S.A. and Banco Santander Río S.A.as placement agents, in the placement of notes (Series VII, VIII and IX) by Molinos Río de la Plata S.A. for an amount of approximately US$ 121.1 million under its US$ 700 million (or its equivalent in other currencies) Global Notes Programme (2013).

Banco Itaú Argentina S.A., Banco Macro S.A. and Macro Securities S.A. Sociedad de Bolsa -as arrangers and placement agents- in the placement of notes by Genneia S.A. por un monto de U$S15 millones bajo su programa global de obligaciones negociables por un valor de U$S200 millones (2013).

Banco Hipotecario, BACS Banco de Crédito y Securitización and Banco de Galicia y Buenos Aires, as arrangers and placement agents, and Raymond James Argentina Sociedad de Bolsa and SBS Tradeas co-placement agents, in the notes issuance by Industrias Metalúrgicas Pescarmona S.A.I.C. y F. (IMPSA) for an aggregate amount of AR$382 million (approximately US$70.7 million) (2013).

BBVA Banco Francés -as arranger and placement agent- and Industrial and Commercial Bank of China S.A. -as co-placement agent- in the placement of notes (Series XIII and XIV) by PSA Finance Compañía Financiera S.A. for an amount of AR$140 million (approximately US$26.2 million) under its Global Notes Program worth AR$800 million (2013).

Banco Macro S.A., Banco de Galicia y Buenos Aires S.A. and HSBC Bank Argentina S.A. -as arrangers and placement agents-, in the issuance of bonds by the Province of Mendoza for an aggregate amount of US$94.6 million -subscribed and payable in Pesos- issued under the AR$1.263 billion Notes Issuance Program (Programa de Emisión de Títulos de Deuda) (2013).

Puente Hnos. Sociedad de Bolsa S.A. -as placement agent-, in the issuance of bonds by the city of Buenos Aires for an aggregate amount of US$216 million issued under the US$501 million Program for Local Market Financing (Programa de Financiamiento en el Mercado Local) (2013).

Banco de Servicios y Transacciones S.A. -as arranger and placement agent- in the placement of notes by Banco Columbia S.A. for an amount of AR$95.9 million (approximately US$18.2 million) under its Global Note Programme worth AR$150 million (approximately US$28.5 million) (2013).

Banco Itaú Argentina S.A. and Banco Macro S.A. -as underwriters and initial purchasers- in the placement of notes by Genneia S.A. for an amount of US$35 million under its Global Note Programme worth US$200 million (2013).

Medanito S.A., an Argentinean company active in oil and gas exploration and production, in the placement of notes (Series I and II) for a total amount of US$40 million. Banco Itaú Argentina and HSBC Bank Argentina acted as arrangers and placement agents (2013).

New San S.A., one of the largest Argentine manufacturers of technology items, in the placement of notes (Series IV and V) for a total amount of AR$90 million (approximately US$17.6 million). BBVA Banco Francés S.A. and Standard Bank Argentina S.A. acted as placement agents (2013).

BST -as a placement agent and collateral trustee under the Collateral Trust- in the placement of notes Series III (Class V, VI y VII) by ODS S.A. for an amount of approximately US$65.3 million under its US$150 million Global Short, Medium and Long Term, convertible or non convertible, Notes Programme (or its equivalent in other currencies). Nación Bursátil Sociedad de Bolsa S.A. served as a placement agent and Nación Fideicomisos S.A. acted as the organizer and arranger of the Series III notes (2013).

BBVA Banco Francés -as arranger and placement agent- and Banco de Galicia y Buenos Aires S.A. -as co-placement agent- in the placement of notes (Series XI and XII) by PSA Finance Compañía Financiera S.A. for an amount of AR$140 million (approximately US$27.9 million) under its Global Notes Program worth AR$800 million (2013).

BBVA Banco Francés S.A., Banco de Galicia y Buenos Aires S.A. and Banco Santander Río S.A. -as placement agents- in the placement of notes (Series IV, V and VI) by Molinos Río de la Plata S.A. for an amount of approximately US$74.3 million under its US$200 million (or its equivalent in other currencies) Global Notes Programme (2013).

Banco Hipotecario, BACS Banco de Crédito y Securitización, Banco de Galicia y Buenos Aires, Raymond James Argentina Sociedad de Bolsa and SBS Trade, as arrangers and placement agents, in the notes issuance by Industrias Metalúrgicas Pescarmona S.A.I.C. y F. (IMPSA) for an aggregate amount of approximately AR$156 million (US$31.5 million) (2012).

Macro Securities S.A. Sociedad de Bolsa, Banco Macro S.A., Nación Bursátil Sociedad de Bolsa S.A., Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A., BACS Banco de Crédito y Securitización S.A., Banco Santander Río S.A., BBVA Banco Francés S.A. and Nación Fideicomisos S.A., arrangers and placement agents in the transaction (except for Nación Fideicomisos S.A., which only participated as arranger), in the largest local debt issuance in the history of Argentina, conducted by YPF S.A. in the amount of approximately US$735.6 million under its Medium Term Notes Program for US$3 billion or its equivalent in other currencies (2012).

Banco Macro S.A., Nación Bursátil Sociedad de Bolsa S.A., Banco Hipotecario S.A., Banco de Galicia y Buenos Aires S.A., BACS Banco de Crédito y Securitización S.A., Banco Santander Río S.A., BBVA Banco Francés S.A., Banco de la Provincia de Buenos Aires, Banco Credicoop Cooperativo Limitado and Nación Fideicomisos S.A., arrangers and placement agents in the transaction (except for Nación Fideicomisos S.A., which only participated as arranger), in the first bond of the market oriented to retail investors, launched by YPF S.A. in the amount of approximately US$66.1 million under its Medium Term Notes Program for US$3 billion or its equivalent in other currencies, and being the issuance with greater participation of investors in the history of the Argentine capital markets (2012).

Banco de la Provincia del Neuquén -as arranger and leading placement agent- and Banco de Galicia y Buenos Aires S.A. and Puente Hnos Sociedad de Bolsa S.A. -as placement agents-, in the issuance of bonds by the Province of Neuquén for an aggregate amount of US$99.2 million (2012).

Nación Bursátil Sociedad de Bolsa S.A. -as arranger and placement agent- in the placement of notes (Additional Series XI) by YPF S.A. for an amount of US$280.7 million under its Medium Term Notes Program for US$3 billion or its equivalent in other currencies (2012).

Banco de Servicios y Transacciones S.A. -as arranger and placement agent- in the placement of subordinated notes (Series IV) by Banco Sáenz S.A. for an amount of AR$60 million (approximately US$12.5 million) under its AR$200 million (or its equivalent in other currencies) Notes Programme (2012).

Citicorp Capital Markets S.A., HSBC Bank Argentina S.A. and Banco Santander Río S.A. -as placement agents- in the placement of notes (Series I, II and III) by Molinos Río de la Plata S.A. for an amount of AR$404.1 million (approximately US$84.2 million) under its US$200 million (or its equivalent in other currencies) Global Notes Programme (2012).

BBVA Banco Francés -as arranger and placement agent- and Banco Patagonia -as co-placement agent- in the placement of notes (Series IX and X) by PSA Finance Compañía Financiera S.A. . for an amount of AR$93.4 million (approximately US$19.5 million) under its Global Notes Program worth AR$800 million (2012).

Banco de Servicios y Transacciones S.A. . -as arranger and placement agent- in the placement of notes (Series XI) by YPF S.A. . for an amount of US$156.4 million under its Medium Term Notes Program for US$3 billion or its equivalent in other currencies (2012).

BACS Banco de Crédito y Securitización S.A., Banco de Galicia y Buenos Aires S.A., Banco Macro S.A., Banco Santander Río S.A., BBVA Banco Francés S.A. and Nación Fideicomisos S.A. . -as arrangers-, and Banco de Galicia y Buenos Aires S.A., Banco Hipotecario S.A., Banco Santander Rio S.A., BBVA Banco Francés S.A., Macro Securities S.A. Sociedad de Bolsa and Nación Bursátil Sociedad de Bolsa S.A. . -as placement agents-, in the placement of notes (Series IX and X) by YPF S.A. . for an amount of US$423.2 million under its Medium Term Notes Program for US$1 billion or its equivalent in other currencies (2012).

Puente Hnos Sociedad de Bolsa S.A. and Banco Macro S.A. -as co-arrangers-, The Bank of New York Mellon -as trustee- and Barclays Bank PLC, BTG Pactual US Capital LLC, Citigroup Global Markets Inc., Citigroup Global Markets Limited -as co-placement agents-, in the issuance of bonds by the city of Buenos Aires for an aggregate amount of US$415 million issued under its medium term note programme (2012).

BACS Banco de Crédito y Securitización S.A., Banco de Galicia y Buenos Aires S.A., Banco Macro S.A., Banco Santander Río S.A., BBVA Banco Francés S.A. and Nación Fideicomisos S.A. . -as arrangers-, and Banco de Galicia y Buenos Aires S.A., Banco Hipotecario S.A., Banco Santander Rio S.A., BBVA Banco Francés S.A., Macro Securities S.A. Sociedad de Bolsa and Nación Bursátil Sociedad de Bolsa S.A. -as placement agents-, in the placement of notes (Series VI, VII and VIII) by YPF S.A. for an amount of AR$1,500 million (approximately US$319 million) under its Medium Term Notes Program for US$1 billion or its equivalent in other currencies (2012).

BBVA Banco Francés S.A. and Banco Patagonia S.A. -as organizers and placement agents- in the issuance of two series of notes by PSA Finance Argentina Compañía Financiera S.A. for an amount of US$22.3 million under its global public debt programme (2012).

Puente Hnos Sociedad de Bolsa S.A. -as co-placement agent-, in the issuance of bonds by the Province of Buenos Aires for an approximate amount of US$50 million under its Public Debt Issuance Program in the local Capital Markets for up to US$250 million. Banco de la Provincia de Buenos Aires acted as arranger and dealer manager of the transaction (2012).