Debt Securities

12 Months Ended

Dec. 31, 2019

Text block [abstract]

Debt Securities

NOTE 27. DEBT SECURITIES

The following is a breakdown of the Global Programs for the Issuance of Debt securities outstanding:

Company	Authorized Amount (*)	Type of Debt Securities	Program Term		Approval Date by Shareholders’ Meeting	CNV Approval
Grupo Financiero Galicia S.A.	USD 100,000	Simple debt securities not convertible into shares		5 years	03.09.09 confirmed on 08.02.12	Resolution No. 16113 dated 04.29.09 and extended by Resolution No. 17343 dated 05/08/14 and Provision No. DI-2019-63-APN-GE#CNV dated 08.06.19. Authorization of Increase, Resolution No. 17064 dated 04.25.13
Banco de Galicia y Buenos Aires S.A.U.	USD 2,100,000	Simple debt securities, not convertible into shares, subordinated or not, to be adjusted or not, secured or unsecured.		5 years	04.28.05, 04.14.10, 04.29.15 and 11.09.16	Resolution No. 15228 dated 11.04.05 and extended through Resolution No. 16454 dated 11.11.10 and Resolution No. 17883 dated 11.20.15. Increase of the amount approved by Resolutions Nos. 17883 dated 11.20.15, No. 18081 dated 06.10.16, No. 18480 dated 01.26.17 and No. 19520 dated 05.17.18
Banco de Galicia y Buenos Aires S.A.U.	USD 2,100,000	Simple debt securities not convertible into shares			04.25.19	Frequent Issuer Registration No. 11, granted by Resolution No. RESCFC-2019-2055-APN-DIR#CNV, dated 11/13/19 of CNV´s Board of Directors
Tarjeta Naranja S.A.	USD 650,000	Simple debt securities, not convertible into shares		5 years	03.08.12	Resolution No. 16822 dated 05.23.12 and extended through Resolution No. 17676 dated 05.21.15.
Tarjetas Cuyanas S.A.	USD 250,000	Simple debt securities, not convertible into shares		5 years	03.30.10 confirmed on 04.06.10 and 02.15.13	Resolution No. 16328 dated 05.18.10 Authorization of the increase, Resolution No. 17072 dated 05.02.13

(*) Or its equivalent in any other currency.

The Company has the following Unsubordinated Debt securities outstanding issued under the Global Programs detailed in the table above as of December 31, 2019, net of repurchases of Own Debt:

Company	Placement Date		Currency	Class N°		Face Value			Type(**)		Term		Maturity Date		Rate		Issuance Authorized by the CNV		Book Value(*) as of 12.31.19
Banco de Galicia y Buenos Aires S.A.U.		02.17.17	Ps.		Class III		USD150,537	(1)		Simple		36 Months		02.17.20		(2)		02.06.17		1,060,496
Banco de Galicia y Buenos Aires S.A.U.		05.18.17	Ps.		IV		2,000,000			Simple		36 Months		05.18.20		(3)		05.08.17		1,731,308
Banco de Galicia y Buenos Aires S.A.U.		04.26.18	Ps.		V Series I		4,209,250			Simple		24 Months		04.26.20		(4)		04.18.18		3,867,585
Banco de Galicia y Buenos Aires S.A.U.		04.26.18	Ps.		V Series II		2,032,833			Simple		36 Months		04.26.21		(5)		04.18.18		1,802,598
Banco de Galicia y Buenos Aires S.A.U.		11.25.19	Ps.		VII (6)		4,182,280			Simple		6 Months		05.25.20		(7)		11.13.19		4,271,544
Tarjeta Naranja S.A.		06.29.16	Ps.		XXXIV Series II		475,397			Simple		1,461 days		06.29.20		Minimum 32% Rate/ Badlar +4.67%		06.21.16		395,853
Tarjeta Naranja S.A.		09.27.16	Ps.		XXXV Series II		774,389			Simple		1,461 days		09.27.20		Minimum 26% Rate/ Badlar +3.99%		09.15.16		655,174
Tarjeta Naranja S.A.		04.11.17	Ps.		XXXVII		3,845,700			Simple		1,826 days		04.11.22		Minimum 15% Rate/ Badlar + 3.50%		03.30.17		4,341,930
Tarjeta Naranja S.A.		04.10.18	Ps.		XL Series II		1,402,500			Simple		914 days		10.10.20		Minimum 27% Rate/ Badlar + 3.69%		03.27.18		1,463,896
Tarjeta Naranja S.A.		11.15.18	Ps.		XLI Series II		343,555			Simple		547 days		05.15.20		Badlar + 10%		—		351,555
Tarjeta Naranja S.A.		02.19.19	Ps.		XLIII		1,583,895			Simple		547 days		08.18.20		Badlar + 7%		—		1,482,756
Tarjeta Naranja S.A.(***)		07.26.16	Ps.		XXV		400,000			Simple		1,461 days		07.26.20		Minimum 30% Rate/ Badlar + 3.94%		07.13.16		424,009
Tarjeta Naranja S.A.(***)		10.24.16	Ps.		XXVI Series II		350,237			Simple		1,461 days		10.24.20		Minimum 26% Rate/ Badlar + 4.00%		10.14.16		372,994
Tarjeta Naranja S.A.(***)		02.10.17	Ps.		XXVII Series II		500,000			Simple		1,095 days		02.10.20		Minimum 23.5% Rate/ Badlar + 3.50%		02.02.17		475,731
Tarjeta Naranja S.A.(***)		06.09.17	Ps.		XXVIII Series II		371,825			Simple		1,461 days		06.09.21		Minimum 25% Rate/ Badlar + 3.70%		05.29.17		373,802
Total																				23,071,231

(*) It includes principal and interest.

(**) Not convertible into shares.

(***) Negotiable Obligations merged into by Tarjeta Naranja S.A. following its merger with Tarjetas Cuyanas S.A.

(1) In accordance with the issuance conditions, they were converted into Ps. 2,360,360. The foreign exchange risk is assumed by the investor because the services of interest and principal are calculated based on the amount of principal in Argentine pesos and converted into payments in US dollars on each payment date.

(2) Variable rate equivalent to simple arithmetical average of private Badlar rates plus 2.69%, to be paid quarterly from May 17, 2017 onwards.

(3) Variable rate equivalent to simple arithmetical average of private Badlar rates plus 2.98%, to be paid quarterly from August 18, 2017 onwards.

(4) 25.98% Fixed Annual Nominal Rate, interest and amortization will be paid fully at maturity.

(5) Variable rate equivalent to simple arithmetical average of private Badlar rates plus 3.5%, to be paid quarterly from July 26, 2018 onwards. The amortization of this series will be made at maturity.

(6) Issued under the Frequent Issuer Regime.

(7) Variable rate equivalent to simple arithmetical average of private Badlar rates plus 4%, to be paid on February 25 and May 25.

On June 21, 2018, Banco de Galicia y Buenos Aires S.A.U. issued the “Green Bond” which was entirely acquired by the International Finance Corporation. The Green Bond is a 7-year facility, with interest payable every six months. The Green Bond has a 36-month grace period in respect of the repayment of principal, followed by payments in 9 installments due every six months. As of December 31, 2019, the carrying amount of the Green Bond totals Ps.6,169,620.

The Company has the following Unsubordinated Debt Securities outstanding issued under the Global Programs detailed in the table above as of December 31, 2018, net of repurchases of Own Debt:

Company	Placement Date		Currency	Class N°		Face Value			Type(**)		Term		Maturity Date		Rate		Issuance Authorized by the CNV		Book Value(*) as of 12.31.18
Banco de Galicia y Buenos Aires S.A.U.		02.17.17	Ps.		Class III		USD150,537	(1)		Simple		36 Months		02.17.20		(2)		02.06.17		3,802,199
Banco de Galicia y Buenos Aires S.A.U.		05.18.17	Ps.		IV		2,000,000			Simple		36 Months		05.18.20		(3)		05.08.17		3,271,281
Banco de Galicia y Buenos Aires S.A.U.		04.26.18	Ps.		V Series I		4,209,250			Simple		24 Months		04.26.20		(4)		04.18.18		7,535,403
Banco de Galicia y Buenos Aires S.A.U.		04.26.18	Ps.		V Series II		2,032,833			Simple		36 Months		04.26.21		(5)		04.18.18		3,345,830
Tarjeta Naranja S.A.		04.13.16	Ps.		XXXIII Series II		366,908			Simple		1,095 days		04.13.19		Minimum 37% Rate/ Badlar +5.40%		03.28.16		635,025
Tarjeta Naranja S.A.		06.29.16	Ps.		XXXIV Series II		475,397			Simple		1,461 days		06.29.20		Minimum 32% Rate/ Badlar +4.67%		06.21.16		832,396
Tarjeta Naranja S.A.		09.27.16	Ps.		XXXV Series II		774,389			Simple		1,461 days		09.27.20		Minimum 26% Rate/ Badlar +3.99%		09.15.16		1,119,900
Tarjeta Naranja S.A.		12.07.16	Ps.		XXXVI Series II		636,409			Simple		1,095 days		12.07.19		Minimum 25.25% Rate/ Badlar + 4%		11.23.16		997,903
Tarjeta Naranja S.A.		04.11.17	Ps.		XXXVII		3,845,700			Simple		1,826 days		04.11.22		Minimum 15% Rate/ Badlar + 3.50%		03.30.17		6,281,663
Tarjeta Naranja S.A.		11.13.17	Ps.		XXXVIII		503,333			Simple		546 days		05.13.19		Minimum 29.05% Rate/ MR20 + 4%		11.07.17		827,704
Tarjeta Naranja S.A.		02.14.18	Ps.		XXXIX		754,538			Simple		546 days		08.14.19		Minimum 26.75% Rate/MR 20 +3.4%		02.02.18		1,236,540
Tarjeta Naranja S.A.		04.10.18	Ps.		XL Series I		597,500			Simple		548 days		10.10.19		25.98% Fixed Rate		03.27.18		1,090,259
Tarjeta Naranja S.A.		04.10.18	Ps.		XL Series II		1,402,500			Simple		914 days		10.10.20		Minimum 27% Rate/ Badlar + 3.69%		03.27.18		2,380,956
Tarjeta Naranja S.A.		11.15.18	Ps.		XLI Series I		854,102			Simple		365 days		11.15.19		54% Fixed Rate		—		1,392,920
Tarjeta Naranja S.A.		11.15.18	Ps.		XLI Series II		343,555			Simple		547 days		05.15.20		Badlar + 10%		—		533,452
Tarjeta Naranja S.A.		12.17.18	Ps.		XLII		1,266,303			Simple		287 days		09.30.19		58% Fixed Rate		—		1,898,518
Tarjeta Naranja S.A.(***)		05.05.16	Ps.		XXIV Series II		234,309			Simple		1,095 days		05.05.19		Minimum 37% Rate/ Badlar + 4.98%		04.22.16		264,984
Tarjeta Naranja S.A.(***)		07.26.16	Ps.		XXV		400,000			Simple		1,461 days		07.26.20		Minimum 30% Rate/ Badlar + 3.94%		07.13.16		662,255
Tarjeta Naranja S.A.(***)		10.24.16	Ps.		XXVI Series II		350,237			Simple		1,461 days		10.24.20		Minimum 26% Rate/ Badlar + 4.00%		10.14.16		551,586
Tarjeta Naranja S.A.(***)		02.10.17	Ps.		XXVII Series II		500,000			Simple		1,095 days		02.10.20		Minimum 23.5% Rate/ Badlar + 3.50%		02.02.17		769,865
Tarjeta Naranja S.A.(***)		06.09.17	Ps.		XXVIII Series I		128,175			Simple		730 days		06.09.19		Minimum 25% Rate/ Badlar + 3.05%		05.29.17		194,990
Tarjeta Naranja S.A.(***)		06.09.17	Ps.		XXVIII Series II		371,825			Simple		1,461 days		06.09.21		Minimum 25% Rate/ Badlar + 3.70%		05.29.17		575,333
Total																				40,200,962

(*) It includes principal and interest.

(**) Not convertible into shares.

(***) Negotiable Obligations merged into by Tarjeta Naranja S.A. following its merger with Tarjetas Cuyanas S.A.

(1) In accordance with the issuance conditions, they were converted into Ps. 2,360,360. The foreign exchange risk is assumed by the investor because the services of interest and principal are calculated based on the amount of principal in Argentine pesos and converted into payments in US dollars on each payment date.

(2) Variable rate equivalent to simple arithmetical average of private Badlar rates plus 2.69%, to be paid quarterly from May 17, 2017 onwards.

(3) Variable rate equivalent to simple arithmetical average of private Badlar rates plus 2.98%, to be paid quarterly from August 18, 2017 onwards.

(4) 25.98% Fixed Annual Nominal Rate, interest and amortization will be paid fully at maturity.

(5) Variable rate equivalent to simple arithmetical average of private Badlar rates plus 3.5%, to be paid quarterly from July 26, 2018 onwards. The amortization of this series will be made at maturity.

The repurchases of Own Debt securities as of the indicated dates are as follows:

Company	ON Class	Nominal Value as of 12.31.19		Book Value (*) as of 12.31.19
Banco de Galicia y Buenos Aires S.A.U.	Class V – Series II		5,000		5,384
Tarjeta Naranja S.A.	Class XXXV Series II		38,500		37,074
Tarjeta Naranja S.A.	Class XXXVII		1,468		25,029
Tarjeta Naranja S.A.	Class XL Serie II		34,500		31,978
Tarjeta Naranja S.A.	Class XLI Series II		15,000		15,951
Tarjeta Naranja S.A.	Class XLIII		16,500		13,397
Tarjeta Naranja S.A.(**)	Class XXV		8,000		8,314
Tarjeta Naranja S.A.(**)	Class XXVI Series II		10,000		11,276
Tarjeta Naranja S.A.(**)	Class XXVII Series II		17,442		18,606
Tarjeta Naranja S.A.(**)	Class XXVIII Series II		8,254		8,473
Total					175,482

(*) It includes principal and interest.

(**) Debt securities merged into by Tarjeta Naranja S.A. following its merger with Tarjetas Cuyanas S.A.

Company	ON Class	Nominal Value as of 12.31.18		Book Value (*) as of 12.31.18
Banco de Galicia y Buenos Aires S.A.U.	Class III		59,644		56,052
Banco de Galicia y Buenos Aires S.A.U.	Class V – Series II		73,840		72,575
Tarjeta Naranja S.A.	Class XXXV Series II		79,224		76,582
Tarjeta Naranja S.A.	Class XXXVI Series II		15,383		16,223
Tarjeta Naranja S.A.	Class XXXVII		18,126		283,875
Tarjeta Naranja S.A.	Class XXXVIII		5,953		6,361
Tarjeta Naranja S.A.	Class XXXIX		7,692		8,232
Tarjeta Naranja S.A.	Class XL		24,613		26,927
Tarjeta Naranja S.A.	Class XLI Series I		1,538		1,440
Tarjeta Naranja S.A.	Class XLI Series II		29,228		31,116
Tarjeta Naranja S.A.	Class XLII		76,916		83,668
Tarjeta Naranja S.A.(**)	Class XXIV Series II		123,066		127,599
Tarjeta Naranja S.A.(**)	Class XXV Series II		13,845		13,820
Tarjeta Naranja S.A.(**)	Class XXVI Series II		38,458		41,576
Tarjeta Naranja S.A.(**)	Class XXVII Series I		56,550		57,352
Tarjeta Naranja S.A.(**)	Class XXVII Series II		8,442		8,856
Tarjeta Naranja S.A.(**)	Class XXVIII Series II		12,697		13,077
Total					925,331

(*) It includes principal and interest.

(**) Debt securities merged into by Tarjeta Naranja S.A. following its merger with Tarjetas Cuyanas S.A.

Related-party information is disclosed in Note 51.