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Euroobligacje: Telecom Argentina, 6.5% 15jun2021, USD (LCCAO, USP19157AR03, P19157AR0)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
W obrocieArgentina****-**-**465.853.000 USD***/***/***
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Issue information

BorrowerTelecom Argentina
Bond typeObligacje kuponowe
Form of issueZmaterializowane imienne
Placement methodOferta publiczna
Placement typePubliczna
Issue purposeShow
Issue purpose
We estimate that the net proceeds from the sale of the notes will be approximately U.S.$494.6 million, after deducting the initial purchasers’ discount and estimated offering expenses. The company intends to use the net proceeds from the sale of the notes as follows: • to redeem in full the principal amount outstanding under the Series V Notes (approximately U.S.$286.4 million), which accrue interest at a 9.375% fixed rate per annum and mature on February 11, 2018, at a redemption price equal to 100% of outstanding principal amount and accrued and unpaid interest plus a 2% applicable premium; • to redeem in full the aggregate principal amount outstanding under each of our Series I, II, III and IV Notes (approximately U.S.$12.4 million), which accrue interest at 8.75%, 9.375%, 9.625% and 9.375% per annum, respectively, and mature on February 11, 2018, at a redemption price equal to 100% of outstanding principal amount plus accrued and unpaid interest without any premium; • to pay the outstanding principal amount under the 10-year Securities (approximately U.S.$80.3 million) at the maturity date on July 20, 2016, which accrue interest at a 4.5% per annum; and • prepay in full our Syndicated Loan (as defined below), which matures on August 2, 2016 and accrues interest at adjusted BADLAR (“Corregida”) plus 4.85% per annum, at a redemption price equal to 100% of outstanding principal amount and accrued and unpaid interest plus the applicable premium calculated at the prepayment date (each of the debt instruments listed above is described in in “Management’s Discussion and Analysis of Financial Condition and Results of Operations— Indebtedness”).
Par amount, integral multiple1.000 USD
Nominal of international bonds1.000 USD
Minimum settlement amount150.000 USD
Outstanding principal amount150.000 USD
Amount500.000.000 USD
Amount Outstanding465.853.000 USD
Outstanding face value amount465.853.000 USD
Placement date****-**-**
Maturity date****-**-**
Redemption price100%
Floating rateNo
Coupon Rate*.*%
Current coupon rate6,5%
Day count fraction***
ACI*** (2020-03-31)
Coupon frequency2 raz(y) na rok
Interest accrual date****-**-**
Trading floor, trading codeBYMA (trades settled in ARS in Argentina), LCCAO; BYMA (trades settled in USD in Argentina), LCCAD; BYMA (trades settled in USD through foreign accounts), LCCAC; MAE, LCCAO
ListingLuxembourg S.E.

Inne emisje emitenta

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Cbonds Valuation
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology. The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
:

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
CBONDS ESTIMATION
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology described here http://ru.cbonds.com/organizations/docdownload/8715.
The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
Quotes are published both anonymously and publicly in the section Bond Quotes by Market Participants: http://cbonds.com/quotes/market/. These quotes are indicative only. Organizations posting the quotes have no obligations to conduct transactions at these prices. To learn the actual current prices, you need to contact the respective organization. Trading floor quotes are available at http://cbonds.com/quotes/.
03/30/2020*** / *** (*** / ***)*** (***)******Archiwum
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Bond Quotes by Market Participants

Market participantDate and timeBid/ask or last price
(Yield)
Freedom Finance (Cyprus)2020-03-31 13:09***,**** / ***,****
(-**,** / -**,**)
UCAP Asset Management2020-03-30**,****
(**,**)
Anonymous participant 202020-03-27**,****
(**,**)
Anonymous participant 322020-03-26**,**** / **,****
(**,** / **,**)
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Contact Info

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Price chart

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Stock exchange and OTC quotes

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
FRANKFURT S.E.03/31/2020 13:05**,**** / **,**** (**,** / **,**)**,**** (**,**)
BERLIN EXCHANGE
i
Foreign bonds compliment the international security selection at Börse Berlin. In Germany many of these are traded only in Berlin. Naturally Börse Berlin has the full range of fixed interest securities of the German Federation and its constituencies with bonds from companies and other issuers also on offer. Certificates and warrants round off the security offering in Berlin.
03/31/2020 12:48**,**** / **,**** (**,** / **,**)**,**** (**,**)
FRANKFURT S.E.03/30/2020*** / *** (*** / ***)*** (***)******Archiwum
BERLIN EXCHANGE
i
Foreign bonds compliment the international security selection at Börse Berlin. In Germany many of these are traded only in Berlin. Naturally Börse Berlin has the full range of fixed interest securities of the German Federation and its constituencies with bonds from companies and other issuers also on offer. Certificates and warrants round off the security offering in Berlin.
03/30/2020*** / *** (*** / ***)*** (***)******Archiwum
LUXEMBOURG S.E.03/30/2020*** / *** (*** / ***)*** (***)******Archiwum
FINRA TRACE03/30/2020*** / *** (*** / ***)*** (***)******Archiwum
BYMA (TRADES SETTLED IN ARS IN ARGENTINA)
i
Bolsas y Mercados Argentinos (BYMA) is the main stock exchange in Argentina which combines stock exchange operators Mercado de Valores (MERVAL), Bolsa de Comercio de Buenos Aires (BCBA) and other national exchanges. Depending on the currency of settlements and deal’s type (deals settled through national or foreign accounts) several trading codes are assigned to each security. BYMA started trading on 23 May, 2017.
03/25/2020*** / *** (*** / ***)*** (***)******Archiwum
BYMA (TRADES SETTLED IN USD THROUGH FOREIGN ACCOUNTS)
i
Bolsas y Mercados Argentinos (BYMA) is the main stock exchange in Argentina which combines stock exchange operators Mercado de Valores (MERVAL), Bolsa de Comercio de Buenos Aires (BCBA) and other national exchanges. Depending on the currency of settlements and deal’s type (deals settled through national or foreign accounts) several trading codes are assigned to each security. BYMA started trading on 23 May, 2017.
03/25/2020*** / *** (*** / ***)*** (***)******Archiwum
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Bond classification

Subordinated
Sinkable bond
Perpetual
Convertible
Structured product
Restructuring
Securitization
Mortgage bonds
Trace-eligible
Covered
Foreign bonds
CDO
Sukuk
Retail bonds
Supranational bond issues
Green bonds
Non-market issues

Identifiers

State registration numberLCCAO
ISIN / ISIN RegSUSP19157AR03
ISIN 144AUS12686NAT28
CUSIP / CUSIP RegSP19157AR0
CUSIP 144A12686NAT2
CFI / CFI RegSDBFUGR
CFI 144ADBFUGR
FIGI / FIGI RegSBBG00D23GNZ6
WKN / WKN RegSA18240
WKN 144AA18241
SEDOLBZB1P56
FIGI 144ABBG00D23GJV9
TickerTECOAR 6.5 06/15/21 REGS

Primary placement

Rating emitenta w dniu rozmieszczenia***/***/***
Placement****-**-**
Cena emisyjna***% (*,**%)
Settlement Duration*,**

Participants

Oferujący: Deutsche Bank, Itau Unibanco Holdings, JP Morgan
Issuer Legal Adviser (International law): Cleary Gottlieb Steen & Hamilton
Issuer Legal Adviser (Domestic law): EGFA Abogados
Arranger Legal Adviser (International law): Linklaters

Payment schedule

*****

Coupon dateActual Payment DateCoupon, %Coupon size, USDRedemption of principal, USD
Show previous
1****-**-******-**-***,**.***
2****-**-******-**-***,**.***
3****-**-******-**-***,**.***
4****-**-******-**-***,**.***
5****-**-******-**-***,**.***
6****-**-******-**-***,**.***
7****-**-******-**-***,**.***
8****-**-******-**-***,**.***
9****-**-******-**-***,**.***
10****-**-******-**-***,**.******.***
Show following
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Early redemption terms

*****

DateOption typeOption styleBenchmark spread, b.p.Until datePriceRepurchased amount at par, mlnOption type
Show previous
****-**-**callMake-Whole Call******-**-**
****-**-**call***,**
****-**-**debt repurchase**,****,**tender offer
****-**-**debt repurchasetender offer
Show following
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Issue ratings

Telecom Argentina, 6.5% 15jun2021, USD

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)2019-09-05
Moody's Investors Service ***/***LT- foreign currency2019-09-03
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Issuer ratings

Telecom Argentina

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (local curr.)2019-09-05
Fitch Ratings***/***LT Int. Scale (foreign curr.)2019-09-05
Fix Scr - affiliate of Fitch***/***LT national scale rating (Argentina)2019-07-23
Moody's Investors Service ***/***LT- foreign currency2019-09-03
S&P Global Ratings***/***Foreign Currency LT2019-08-30
S&P Global Ratings***/***Local Currency LT2019-08-30
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Consolidated IFRS reports

rok 1 Q 2 Q 3 Q 4 Q
2020
2019
1.32 M eng
2.78 M nat
1.27 M eng
8.86 M nat
2018
1.69 M eng
1.27 M eng
2.21 M eng
2.9 M eng
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