First subordinated issue under New Tier II Regulatory Capital guidelines of Argentina’s Central Bank
Milbank LLP has represented the initial purchasers in the $250 million offering of Subordinated Resettable Notes Class II due 2026 by Banco de Galicia y Buenos Aires S.A.
Banco de Galicia is a leading provider of financial services in Argentina as well as the nation’s largest full service bank and the first Argentinean financial institution to issue subordinated notes in the US capital markets subsequent to Argentina’s transition to Basel III.
The Milbank deal team was led by partner Marcelo Mottesi, along with associates Kaveh Namazie and Elizabeth McNichol. The team also included Tax partner Andrew Walker and associate Jules Mugema.
Mr. Mottesi, head of Milbank’s Global Capital Markets practice and a member of the firm’s Latin America Group, said: "We are delighted to have advised the initial purchasers on the first subordinated notes issue by an Argentine bank under the new regulatory capital guidelines of the Argentine Central Bank."
