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Corporate bonds, asset-backed securities and deferred checks in Argentina

Author

Listed:
  • Alejandro Bedoya
  • Roque Fernández
  • Celeste González
  • Sergio Pernice
  • Jorge M. Streb

Abstract

We describe the evolution of three types of corporate securities in Argentina, namely, corporate bonds, asset-backed securities and deferred checks. Corporate bonds (obligaciones negociables) were legally authorized in 1988, and after a tax reform in 1991 they became an important financing vehicle. Asset backed securities (fideicomisos), legally created in 1995, have been issued since 1996. They typically bundle together small credits of a similar category. Deferred checks (cheques de pago diferido) exist since 1993, alongside standard checks. They can be negotiated on the exchange since 2003, and are akin to commercial paper. Corporate bonds have been overwhelmingly issued by large firms and banks, with an average issue size of 53 million dollars. Asset backed securities have an average value of 9 million dollars. Deferred checks are typically used by smaller firms, and those traded on the exchange of the Buenos Aires board of trade have an average value of 9 thousand dollars.

Suggested Citation

  • Alejandro Bedoya & Roque Fernández & Celeste González & Sergio Pernice & Jorge M. Streb, 2007. "Corporate bonds, asset-backed securities and deferred checks in Argentina," CEMA Working Papers: Serie Documentos de Trabajo. 347, Universidad del CEMA.
  • Handle: RePEc:cem:doctra:347
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    File URL: http://www.ucema.edu.ar/publicaciones/download/documentos/347.pdf
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    Cited by:

    1. Roque B. Fernández & Sergio Pernice & Jorge M. Streb, 2007. "Determinants of the development of corporate bond markets in Argentina: One size does not fit all," CEMA Working Papers: Serie Documentos de Trabajo. 348, Universidad del CEMA.

    More about this item

    Keywords

    private securities; corporate bonds; asset-backed securities; deferred checks;

    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance

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