Multilateral Credit Agencies Can Now Be Guarantors in the Capital Market

The Argentine Securities Commission (CNV) issued General Resolution 1013 on August 14, 2024, making it possible for multilateral credit agencies to act as guarantors of capital market instruments to expand and diversify the supply of guarantors.

The CNV indicated that the purpose of the Resolution is to promote the financing of small and medium companies (PyMEs) and the development of capital market instruments, by the financial solvency and international status of Multilateral Credit Agencies.

Likewise, the capacity and experience that these Agencies have to act as guarantors, jointly with their inclusion in the list of entities authorized to guarantee instruments in the capital market, will help promote a more favorable environment for investments.

Following this line, the Resolution includes the recognized Multilateral Credit Agencies—or their member entities or subsidiaries or international agreements, of which the Argentine Republic is a member—among the guarantee entities that guarantee securities with public offering and listing or trading in markets the CNV authorized.

The prior filing of an application form will be required to be included in the “List of Entities Qualified to Guarantee Instruments in the Capital Market,” to evidence its capacity as such and its functions concerning the granting of guarantees.

Likewise, the Resolution includes the obligation of including a public access link with the information regarding the guarantees granted by such entity on Argentine capital market instruments.