We advised Banco de la Nación Argentina on its return to the capital markets after more than 30 years
On May 11, 2026, Banco de la Nación Argentina (“Banco Nación”) successfully issued (i) its Series 1 Debt Securities in an aggregate principal amount of AR$187,718,732,164 (Argentine Pesos one hundred eighty-seven billion seven hundred eighteen million seven hundred thirty-two thousand one hundred sixty-four), at an annual variable interest rate equal to the Private TAMAR rate plus a 4.25% margin, due May 11, 2027 (the “Series 1 Debt Securities”); (ii) its Series 2 Debt Securities in an aggregate principal amount of US$30,445,485 (U.S. Dollars thirty million four hundred forty-five thousand four hundred eighty-five), at an annual fixed interest rate of 5.50%, due May 11, 2029 (the “Series 2 Debt Securities”); and (iii) its Series 3 Debt Securities in an aggregate principal amount of UVA 150,648,300 (Acquisition Value Units one hundred fifty million six hundred forty-eight thousand three hundred), at an annual fixed interest rate of 5.25%, due May 11, 2028 (the “Series 3 Debt Securities” and, together with the Series 1 Debt Securities and the Series 2 Debt Securities, the “Debt Securities”). All Debt Securities were issued under Banco Nación’s global program for the issuance of short, medium and long-term debt securities for a maximum aggregate outstanding principal amount of up to US$1,500,000,000 (U.S. Dollars one billion five hundred million) (or its equivalent in other currencies, units of measure and/or units of value). The aggregate principal amount of the Debt Securities exceeded the equivalent of US$370 million.
The issuance of the Debt Securities represents Banco Nación’s first debt securities issuance in the capital markets in more than 30 years. The transaction received demand that significantly exceeded the initial offering amount. According to Banco Nación, the proceeds from the issuance of the Debt Securities will be used to strengthen lending to the real economy, including to SMEs seeking to expand their productive capacity, families seeking access to housing finance, and exporters and regional economies that will find in Banco Nación a partner for their development.
The Debt Securities have been admitted for listing on Bolsas y Mercados Argentinos S.A. and authorized for trading on A3 Mercados S.A.
Banco Nación and Banco Santander Argentina S.A. acted as arrangers and placement agents in the transaction, while Banco de Galicia y Buenos Aires S.A., Banco BBVA Argentina S.A., Macro Securities S.A.U. and Nación Bursátil S.A. acted as placement agents (collectively, the “Placement Agents”).
Legal Advisors to Banco Nación
Bruchou & Funes de Rioja: acted as legal advisors to Banco Nación, with the team led by partner Alejandro Gabriel Perelsztein, and associates Ramón Augusto Poliche, Lucía de Luca, Micaela Zárate and Marco Haas.
In-House Legal Counsels: Javier Fernando Noya, Néstor Fabián Galan, Gonzalo Saafigueroa and Patricia Alejandra Castro.
Legal Advisors to Placement Agents
Marval O’Farrell Mairal: acted as legal advisors to the Placement Agents, with the team led by partner Sergio Tálamo, and associates Martín Iván Lanús, Pedro María Azumendi, Lautaro Penza and Felicitas María Bereterbide.
