March 31, 2017

The Minister of Finance, Luis Caputo, participated this Friday in the first day of activities of the 2017 Inter-American Development Bank Annual Meeting conducted in Asuncion.

After his arrival to the Capital of Paraguay, Caputo held a meeting with the President of the IDB, Luis Alberto Moreno, who has presided over the Board of Directors of the Bank since October 2005. After the meeting, Mr. Minister said: “The IDB is a strategic ally for our country in the path of growth, the development of infrastructure and the creation of the jobs we need”.

The Finance Minister also held a meeting with the Chief Operating Officer, Senior Managing Director and Director at Japan Bank for International Cooperation, Nobumitsu Hayashi, and they talked about the financing possibilities for the country.

Japan Bank for International Cooperation (JBIC) is a financial institution that belongs to the Japanese Government and it is aimed at contributing with the development of international economy, promoting development and providing the necessary financial services to avoid disruptions in the international financial order.

In addition, as Governor of the multilateral organization, the Minister of Finance will participate this afternoon in the Business Dialogue of the Americas with business men from the region. At night, he will be attending a reception organized by the Inter-American Investment Corporation (IIC).

The Inter-American Investment Corporation (IIC) is a multilateral organization, member of the IDB Group, which promotes the development in Latin-America and the Caribbean, through the private sector and State-owned firms, providing financing by means of loans, capital investment and guarantees.

The Chief of Cabinet of the Ministry of Finance, Pablo Quirno; the Secretary of Finance, Santiago Bausili; the Undersecretary of International Financial Relations, Martin Soto; and the Argentine representative before the IDB, Raul Novoa, also participated in the events.

March 30, 2017

The Minister of Finance, Luis Caputo, will be travelling this Friday to the City of Asuncion where he will be participating of the Annual Meeting of Governors of the IDB, as Governor before said organization. In addition, within this context, Caputo will be holding a tough agenda of bilateral meetings.
The delegation of the Ministry of Finance includes: the Chief of Cabinet of the Ministry, Pablo Quirno; the Secretary of Finance, Santiago Bausili; and the Undersecretary of International Financial Relations, Martin Soto. In addition, the Argentine representative before the IDB, Raul Novoa, will also be present.

Friday, March 31

• During the first day of the event, Caputo will arrive to the Capital of Paraguay, where he will be holding meetings with the President of the IDB and the Inter-American Investment Corporation (IIC). Likewise, he will be holding a working meeting with the delegation of the European Investment Bank, led by the Vice-president, Roman Escoleano.

• After that, he will be participating of a multilateral meeting with the Minister of Planning, Development and Administration of Brazil, Dyogo Henrique Oliveira, and the Secretary of Treasury and Public Credit of Mexico, Jose Antonio Meade Kuribeña, in which they will be talking about the reshaping of the economic agenda for the region.

• In addition, Caputo will be holding a meeting with the Pacific Alliance Ministers: Mauricio Cardenas, Minister of Treasury and Public Credit of Colombia; Alfredo Eduardo Thorme Vetter, Minister of Economy and Finance of Peru; Alejandro Micco Aguayo, Undersecretary of Treasury of Chile; and Jose Antonio Meade Kuribreña from Mexico. His Brazilian peer will also be joining the meeting.

• On Saturday noon, the Technical Preparatory Meeting of Ministers of Finance is taking place. It will be led by Luis Caputo and the participants will be debating on the issues to be discussed at the IDB Ministerial Meeting conducted in October.

• Later, the announcement of Argentina hosting the next Annual Meeting 2018 will take place. There will be a stand representing the country’s typical traditions and Minister Caputo will give a speech.

• In the afternoon, the Finance Minister will be participating of the Special Meeting of Governors and he will be holding a meeting with Juan Notaro, President of the Financial Fund for the Development of the Rio de La Plata Basin (FONPLATA), at which they will talk about the financing to modernize the Government and support Provinces affected by the El Niño current. Mr. Minister will be also attending to the inaugural session and he will be meeting with different investors and financial institutions.

Sunday, April 2

• Finally, on Sunday, April 2, Caputo will be participating of the Governors photo and he will be attending to the Joint Meeting of the Committees of the IDB and the IIC where participants will discuss the projects of the Multilateral Investment Fund (MIF) of the IDB Group, which Inter-American Forum on Microenterprise (Foromic) will take place this year in Argentina.

• At noon, the Finance Minister will be attending the OPEC Fund for International Development (OFID), presided over by the Acting Director of the Latin-America, Caribbean and Europe Region Department, Miguel Linares, and the Official Responsible of the public sector operations, Natalia Salazar.

• Likewise, Mr. Minister will be holding a bilateral meeting with the Deputy Assistant Secretary of International Affairs of the U.S. Treasury, Eric Meyer, and the Deputy Assistant Secretary for the Western Hemisphere and South Asia of the U.S. Treasury, Michael Kaplan. After that, he will be meeting with Canada’s assistant deputy minister of Global Issues and Development, Sarah Fountain Smith.

• Finally, at the closing session, Argentina hosting the 2018 IDB Annual Meeting will become official.

Treasury Bills in US Dollars
The Ministry of Finances informs the placement of Treasury Bills in US Dollars bearing a 95-day maturity at a nominal annual rate of 2.85% and 168-day maturity at a nominal annual rate of 3.35%. Therefore, said maturities are almost refinanced with this placement.

The total amount of the orders received for both types of securities reached nominal value USD 2.175 billion; distributed in USD 1.409 billion for the 95-day Bill and USD 767 million for the 186-day Bill. 9,954 purchase orders were filed.

Due to the fact that the amount offered for both Bills exceeded the total amount to be placed, in order to make the placement a53.24% rate was applied for the 95-day Bill and of 97.84% for the 186-day Bill.

Treasury Bonds in pesos at a fixed rate
Regarding Treasury Bonds in pesos at a fixed rate maturing in 2021, purchase orders were filed for a nominal value of $15.502 billion, $12.5 billion out of which were awarded, at a cut-off price of $1,170 for every face value of $1,000 and a yield of 15.09%. This represents a reduction of 3.11 percentage points regarding the 18.2% yield of the original issue of this bond carried out in October 2016. Due to the fact that the amount offered for both Bills exceeded the total amount to be placed, a proration factor of 91.76% was applied.

Regarding Treasury Bonds in pesos at a fixed rate maturing in 2023, purchase orders were filed for a nominal value of $5.892 billion, $4.512 billion out of which were awarded, at a cut-off price of $1,132 for every face value of $1,000 and a yield of 14.16%. This represents a reduction of 1.84 percentage points regarding the 16.00% yield of the original issue of this bond carried out in October 2016.

Finally, regarding Treasury Bonds in pesos at a fixed rate maturing in 2026, purchase orders were filed for a nominal value of $9.207 billion, $6.572 billion out of which were awarded, at a cut-off price of $1,150 for every face value of $1,000 and a yield of 13.66%. This represents a reduction of 1.84 percentage points regarding the 15.50% yield of the original issue of this bond carried out in October 2016.

The total amount of orders received for the instruments in pesos reached nominal value $ 30.601 billion.

Within the framework of the auction to be conducted next Wednesday and Thursday, the Ministry of Finance announces the modification of the settlement date for Treasury Bonds in pesos. It will be conducted on Tuesday, February 21, due to the number of orders to process and the variety in the instruments offered. Settlement date for Treasury Bills denominated in dollars will be held for Monday, February 20, as announced.

Instruments with liquidation on Monday, February 20:

• Treasury Bills in US dollar maturing on May 26, 2017
• Treasury Bills in US dollars maturing on August 25, 2017

Instruments with liquidation on Tuesday, February 21:

• Treasury Bonds in fixed-rate pesos 18.20% maturing on October 3, 2021
• Treasury Bonds in fixed-rate pesos 16% maturing on October 17, 2023
• Treasury Bonds in fixed-rate pesos 15.50% maturing on October 17, 2026

In order to participate in the competitive stage of the Treasury Bill tender, the price must be indicated including interest accrued up to Tuesday, February 21 (“dirty”) expressed for each for each USD1,000 nominal value with two decimal places. For the non-competitive stage, only the amount to be subscribed must be recorded.

Offer receipt will begin at 10AM on Wednesday, February 15, and will end at 3PM on Thursday, February 16, 2017 and it will be conducted under the procedures provided for Joint Resolution of the Secretariat of Treasury No. 31/15 and of the Secretariat of Finance No. 10/15.