Debt Publishes External Letters Of Medium Term - Updated Text Of The Norm

Original Language Title: DEUDA PUBLICA LETRAS EXTERNAS DE MEDIANO PLAZO - Texto actualizado de la norma

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image inicio sitio infoleg MInisterio de Justicia y Derechos Humanos
PUBLIC DEUDA Decree 1.588/93 Please refer to the Ministry of Economy and Public Works and Services to subscribe to a Medium-term External Letters Program.

Bs. As., 26/7/93

See Background

VISTO Issue No. 001-002460/93 of the record of the MINISTERY OF ECONOMY AND ARTWS AND PUBLIC SERVICES, and


That the ARGENTINA REPUBLIC has made in the last DOS (2) years placements in the international financial markets that have involved a reduction in the cost of financing the NATIONAL TESORO.

That the debt exchange carried out on 7 April 1993 under the 1992 Financial Plan signed with the ARGENTINA REPUBLIC ' s creditor commercial banks has involved regularization in the treatment of external obligations.

It is therefore desirable to access international financial markets on a regular and orderly basis, at different time frames for low-cost financing.

That will allow it to constitute a yield curve of Argentine public obligations in US dollars that will serve as a reference for the rest of the public obligations and those that issue companies of the Argentine private sector.

That these yields will have an influence on interest rates and on the returns of securities that are observed in the domestic market.

That the Medium-term External Letters Programme is an appropriate tool for achieving the above-mentioned objectives.

That such a programme will also provide the ARGENTINA REPUBLIC with the possibility of agile recourse to the various financing instruments called in different currencies, which will allow the expansion of access to other financial markets and the use of joint opportunities in international financial markets.

That in combination with obligations under that Program or independently it is desirable that operations that do not imply a net increase in debt, such as "currency swaps" currency exchange operations, or interest rates "interest swaps" and obligations recompray agreements "repurchase agreements".

That the NATIONAL EXECUTIVE PODER is empowered to submit disputes with foreign persons in non-Argentine courts in accordance with article 48 of Act No. 16.432 as amended by article 7 of Act No. 20.548.

That the NATIONAL EXECUTIVE POWER is empowered to exempt all credit instruments, from the Gain Tax, in accordance with article 20 (k) of Law No. 20,628, Text Ordered in 1986 and its amendments.

That the NATIONAL EXECUTIVE POWER is empowered to authorize external indebtedness operations for the current fiscal year, in accordance with article 11 of Act No. 24.191.




Article 1 ), Apply to the MINISTERIO ECONOMIA, through the SECRETARY OF HACIENDA in conjunction with the SECRETARIAT OF FINANCIALS, to subscribe de on behalf and representation of the REPUBLIC ARGENTINA de a PROGRAMME OF EXTERNAL LETRAS TO MEDIANO PLAZO for up to VALOR NOMINAL DOLARES ESTADOUNIDENSES VE Such obligations shall be carried out within the authorizations of the Budget Act of each year or under article 65 of Act No. 24.156. Financial products may also be carried out, regardless of the instrument that expresses them, up to the above amount.

(Article replaced by art. 1 Decree No. 967/2001 B.O. 1/8/2001)

Art. 2o El The MINISTERY OF ECONOMY, through the SECRETARY OF FINANCIALS, shall be entitled to appoint the participating institutions of the Programme and shall adopt the respective decisions for the placement of such instruments, in accordance with the practices, usual in the financial markets, and shall subscribe on behalf of the REPUBLIC ARGENTINA documentation that is necessary, for which purpose it is empowered to determine the terms and conditions of the same:

(a) Designate the financial institutions that will be responsible for the placement of the operations referred to in Article 1.

(b) Determine the nominal value of the Letters to be offered for sale within the limit of Article 1 as well as the currency in which they will be called the date of issue of each series of Letters, the deadlines and expiration dates to which they will be issued: the applicable interest rate, periodicity and its calculation form and the foreign markets in which they will be offered.

(c) Establish methods and procedures for the placement and/or sale of the respective letters in accordance with existing practices.

(d) Agree and subscribe the contracts necessary for the placement and/or sale of the Letters, which shall include the usual clauses for this purpose.

(e) Agree on the conditions under which the financial institutions placed are obliged to acquire the letters offered.

(f) To pay for all costs incurred by the commissions, which are agreed, in accordance with contracts that are signed.

(g) Authorize certain officials to subscribe to the documentation required to implement these operations.

Operations arising from article 1 of the present, except those falling under article 65 of Act No. 24,156, shall comply with the requirement of article 61 of Act No. 24,156.

(Article replaced by Article 2 of theDecree No. 967/2001 B.O. 1/8/2001)

Art. 3o . The operations authorized by article 82 of Act No. 24,156 may be included in the Programme referred to in article 1 of this Decree.

Art. 4o s Authorize the inclusion, in the operations referred to in Article 1 of clauses establishing the extension of jurisdiction in favor of the courts located in the city of LONDRES, UNITED KINGDOM OF GREAT BRITAIN AND IRELAND DEL NORTE, could extend the same to the state and federal courts with seat in the city of NEW YORK, USA of AMERICA, and the renunciation of opposing the defense of sovereign immunity, should be preserved inembargobility with respect to:

(a) Assets that constitute reserves of free availability, within the framework of the Law on Convertibility, the amount, composition and investment of which is reflected in the General Balance and Accounting Status of the ARGENTINA REPUBLIC BANCO, prepared in accordance with Article 5 of Law No. 23.928.

(b) The assets of the National State affected to an essential public service.

(c) The funds, values and other means of financing affected to the budget execution of the Public Sector, whether it is cash, deposits in bank accounts, titles, securities issued, third-party obligations in portfolio and in general any other means of payment that is used to meet the erogations provided for in the General Budget of the Nation.

(Article replaced by Article 3 of the Decree No. 649/98 B.O. 11/06/1998)

Art. 5o . The instruments referred to in Article 1 of this Decree shall enjoy all tax exemptions set out in Article 20 (k) of the Vocational Tax Act (t.o. in 1986 and its amendments), and other regulations in force in this regard.

Art. 6th (Article Derogated by Article 4 of theDecree No. 649/98 B.O. 11/06/1998)

Art. 7o . Communicate, publish, give to the National Directorate of the Official Register and archvese. . MENEM. . Domingo F. Cavallo.


- Article 1 replaced by art. 1stDecree No. 649/98 B.O. 11/06/1998

- Article 2 replaced by art. 2ndDecree No. 649/98 B.O. 11/06/1998

- Article 1 replaced by art. 1st Decree No. 1445/96 B.O. 17/12/1996

- Article 4 or replaced by art. 2ndDecree No. 1445/96 B.O. 17/12/1996

- Article 1 replaced by art. 1st Decree No. 91/96 B.O. 13/02/1996

- Article 1 replaced by article Decree No. 372/95 B.O. 25/08/1995

- Article 1 replaced by art. 1st Decree No. 393/95 B.O. 24/03/1995

- Article 1 replaced by art. 1st Decree No. 1156/94 B.O. 21/07/1994