The amount of money that companies obtain from the capital market by issuing their bonds for the last 10 years has already exceeded all forecasts.
In the first nine months of the year, measured in dollars, the amount surpassed the total financed between January and September of the last ten years with more than US $ 6.4 billion (using Banco Nation’s exchange rate). With the exception of 2016, previous years left as balance amounts that in no case exceeded USS5,000 million.
The data, reported in the last hours by the National Securities Commission (CNV), reflect the large funding possibilities that many companies seem to have found in the local market. According to the head of the CNV, Marcos Ayerra, based on this scenario is that the number of SMEs that will be financed in the capital market is going to double in the coming months.
During September, 13 negotiable obligations (4 of which corresponded to SMEs) and 2 short-term securities (1 under the SME regime CNV) were placed for a total amount of $ 4,338 million. The accumulated issuance of negotiable obligations for the year reached $ 111,112 million and, in fact, was 14% higher than the $ 97,775 million of the previous year.
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For specialists, the phenomenon has at least three well differentiated factors. On the one hand, the CNV has launched new financing formats such as “simplified” negotiable bonds that have brought new firms closer to the financial market, but the companies themselves have been careful to improve the structures of their issues to reduce risk and improve your grades. On the other, a scenario with a sovereign risk fall that seems to boost the greater amount of resources available in the market. In the third instance, the recovery of the economic cycle seems to have triggered a certain “window of opportunity” for funding.
Jim Barrineau, emerging markets debt analyst at Schroders in New York, said the region has benefited from a combination of yields that are among the highest in emerging markets and improved economies, especially in Argentina.
From the entrepreneur side, they agree with this vision, according to the slogan Ambito. “Over the past few months it has become clear that the economic recovery has shifted to the real sector of the economy, prompting many companies to seek capital market financing, improving rates and projecting maturities,” said Raul Zarif, owner of the Sicom Group.
According to the CNV, in total, the companies obtained $ 26.785 million in the Argentine market in September. Not only were they financed with ON, but also with shares ($ 15,526 million from Supervielle and Galicia), $ 5,106 million through financial trusts (19% of the total), $ 1,551 million with deferred payment checks and $ 265 million through guaranteed promissory notes .