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ARGENTINA ARTICLES

Argentina Bonds

Posted: May, 2002
 

Many provinces rely now on their own bonds. They have varied names, such as Patacon (Buenos Aires), Quebracho (Chaco), Bonfes (Entre Rios), Bocanfor (Formosa), Bocade (Tucuman), Lecor (Lecop Cordoba), and others. We will continue to look for information about these and we will get additional data on these bonds.

The issuance of the Bocanfor bonds was authorized by Provincial Decree No. 558/01, to a nominal value of fifty million pesos. Said bonds have a time period of 24 months, at the end of which all of the capital will be paid off. They are issued in engraved documents in denominations of 2,5,10,20 and 50 pesos. These bonds are being applied to the payment of provincial obligations, and, according to laws 1,296 and 1,342 they are involved in the reduction of the respective debts. They can be used by the bearer for the payment of debts of any kind with the provincial state and its associated agencies, decentralized institutions, and businesses.

In another instance the Bocanfor bonds circulate throughout that province for the simple handling of commercial, industrial, and financial transactions, as well as service transactions and for any other regular or habitual monetary exchanges.

Such paper issuances were printed in offset by the National Mint, (Casa de Moneda), and they carry simultaneous markings in two colors on the front and back with the registration transparency in the upper left margin. The front contains the denomination of the bond, the seal, and a map of the province, as well as text and signatures. The reverse contains the extract of the decree that authorizes its issuance.

These bonds carry typographical numeration in black ink and measure 65 x 155 mm.

Source: Boletin Electrum No.25, FENYMA, Ano III, Diciembre 1, 2001

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