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In the first nine months of the year, financing to the private sector through the capital market exceeded 480 billion pesos, more than doubling that achieved in the same period of the previous year. 73% of this amount is explained by the issuance of ONs while 25% corresponds to deferred payment checks, a mechanism through which Small and Medium-sized Enterprises (SMEs) throughout the country partially finance their capital needs of work.
The information was presented by the president of the National Securities Commission (CNV), Adrián Cosentino, and is part of the financing report that the agency prepares monthly. “Looking at the year-on-year, the September numbers show a very favorable performance,” he explained.
In September, total financing amounted to $ 46,494 million, representing a positive variation of 229% in interannual terms. 60% of this figure was achieved through the placement of ONs, while 29.7% is explained by deferred payment checks, with the penetration of SME instruments improving in September with respect to their positioning during the first 9 months of the year.
“These numbers corroborate the role of the capital market linked to the productive sector in general and to SMEs in particular. Even in a very difficult situation, this market continues to be an important source of supply of resources,” he said.
In this sense, he ratified the organism’s expectation of the results of a series of new collective investment products “that we are promoting with specific regulations to continue promoting a greater and better supply of financing for different productive activities. And that is part of the task. of federalization of these actions that we are carrying out with the different markets and stock exchanges of the country “.
Outgoing report numbers
- Total financing for September amounted to $ 46,494 million, representing a positive variation of 229% in interannual terms.
- 15 negotiable obligations –ON- were issued for $ 28,070M (60% of monthly financing). Among them, the issuance of class 17 of Compañía General de Combustibles SA stands out, maturing in 2025 for $ 14,586M in exchange for its Class A NOs that expire in November 2021. This NO exchange with international deposit and subscription is the sixth to be carried out in the year by issuers regulated by CNV. The total amount exchanged in these processes amounts to $ 122,930M, 38% of the amount issued in the year through this instrument.
- On the other hand, 5 dollar linked ONs were issued for US $ 72 million ($ 5,352M). So far this year, 46 NOCs of this type have been issued for an amount of US $ 1,149 million ($ 80,398M), which represents 25% of the total issued during this period.
- The nominal volume of Deferred Payment Checks (CPD) traded in September amounted to $ 13,826M (30% of total financing), representing a positive variation of 84% in year-on-year terms and a rise of 17% compared to August. The participation of electronic data centers (Echeq) in the monthly financing flow increased, reaching 55% of the total negotiated. Since the beginning of the ASPO, the negotiation of this digital instrument amounts to $ 37,400M.
- The rest of the SME instruments, the promissory notes and the Electronic Credit Invoices (FCE), were traded for $ 547M and $ 223M respectively, accumulating 2% of the monthly financing.
- 7 Financial Trusts -FF- were placed for a total of $ 3,582M (8% of total financing).
- Regarding financing costs in pesos, the average IRR of ON (32.9%) increased by 0.8 pp compared to the previous month, the same as that of FF (29.7%) that It did so by 1.2 pp. Meanwhile, the average CPD market rate (29.4%) remained unchanged compared to August. The rate of promissory notes in pesos (35.7%) increased 2.1 pp month-on-month while that of FCE in the same currency (30.9%), on the other hand, fell 2.2 pp
- The financing accumulated in the first nine months of the year amounted to $ 480,452M, 103% higher than the same period of the previous year. The increases in the amounts issued of ON (+ 154%) and in the traded of CPD (+ 92%) stand out.
- In the last 12 months it reached $ 569,131M, 103% higher than the immediately previous period.