By means of General Resolution CNV No. 1034/2024, published in the Official Gazette on 12/05/2024, the National Securities Commission (“CNV”) introduced a modification to the regime for public offerings of marketable securities to non-qualified investors, for which a non-competitive tranche must be implemented, which award may not exceed 50% of the total amount to be awarded. We recall that non-competitive tranches consist of those negotiable obligations subscribed by investors -generally retail-, which are not obliged to “bid”, either rate or price. Thus, the retail investor is not required to offer a rate or price that competes with the other bidders, but only to indicate the amount he/she wishes to bid. In these cases, it is guaranteed that the retail investor who has made a non-competitive bid will always be awarded the cut-off rate.
This publication was prepared on the basis of information dated 05/12/2024 and does not constitute a legal opinion on specific issues. If necessary, expert legal advice should be sought.
For further information, please contact:
Sebastián Luegmayer – LuegmayerS@eof.com.ar
Nicolás Fernández Madero – fernandezmaderon@eof.com.ar
Lucas Rodriguez Castelli – rodriguezcastellil@eof.com.ar