Condiciones de emisión de un bono provincia de La Pampa para financiar proyectos de inversión

Abstract

En el presente proyecto se propone diseñar las características, modalidades y condiciones de emisión de un instrumento de deuda en la provincia de La Pampa, atractivo para el público inversor. El referido instrumento debería ser lo suficientemente importante, como para financiar por ejemplo proyectos de inversión vinculados al desarrollo productivo de la cuenca hídrica en el sur provincial, emprendimientos viales para el desarrollo del sur y oeste pampeano, y otros destinos similares relacionados con el desarrollo económico y cultural de la provincia, como así también para la reestructuración y refinanciación de sus deudas. Asimismo representa para nuestra región una interesante oportunidad de financiamiento de proyectos de inversión privada, con buena rentabilidad, al ofrecer tasas razonables para el tomador de estos fondos. Estos proyectos de inversión productiva, permitirán a los inversores interesados, obtener rendimientos más que aceptables si los comparamos con otras alternativas de financiamiento existentes en el mercado. La emisión de un bono provincial puede ser un buen vehículo para financiar proyectos productivos en nuestra provincia ya que el proveedor de los fondos y quien asumiría en riesgo asociado a la emisión de los títulos de deuda, es estado provincial, y no cada pequeño productor en forma individual. La provincia de La Pampa es un estado sin déficit presupuestario y está en condiciones de ofrecer sólidas garantías, requisitos más flexibles y muy buenas condiciones de financiamiento a quienes deseen iniciar emprendimientos productivos y requieran de esos fondos. Por estas mismas razones, el comprador de estos bonos estaría respaldado por una institución que le garantiza sólidamente el retorno de su capital y cobro de su rendimiento.

The issuance of public bonds is a long-term financial option for federal, provincial, or municipal governments. Through these instruments, governments capture financial resources from public and private investors to finance different types of projects, such as consolidating supplier debts, consolidating social security debts, restructuring previous public debts, or financing new development projects. The traditional classification exposed in the financial literature basically distinguishes too types of bonds: a) zero-coupon bonds, b) bonds with coupon of interest and repayment of the principal at maturity. In the first case, the bond promises a single payment at maturity. In the second case, the bond offers regular interest payments (coupons) and the principal payment (face value) at maturity. This type of bond is typical of the american system. In Argentina, we can encounter different types of federal and provincial bonds. Generally, these bonds repay capital and interest flows at regular intervals, being totally amortized at maturity. These bonds can pay a fixed interest rate or a variable interest rate tied to a reference rate such as the London inter-bank offered rate or Libor. Our local and regional financial markets demand local investment projects to canalize their financial resources. However, and in general, the financial total cost of these potential loans becomes too high and it cannot be afforded by small or medium-size companies. These higher interest rates discourage individual entrepreneurs from starting up their projects, because they ostensibly reduce the project rate of return. As a result, without any possible financial alternative, investors and project developers can not met. Therefore, local and regional investors seek financial options in other markets. The goal of this project is to define the characteristics, format, and issuance conditions of a provincial debt instrument or public bond to be utilized in La Pampa province. This financial instrument should be attractive enough to capture public and private funds at a reasonable interest rate. These funds could be used for the development of attractive endeavors and the design, steer and delivery of public policies. Projects to be financed may include the development of the watershed in the provincial south, basic infrastructure for the development or the southwest region of the province, etc. The issuance of a long-term debt bond for La Pampa province may become a good opportunity for local or regional investors interested in a safe financial instrument from which they could obtain acceptable interest rates and returns. The issuance of a long-term bond, supported by the provincial government, can be seen by investors as an adequate alternative when compared with others offered by other financial markets. La Pampa province is a state without budgetary deficit and it is able to offer solid guarantees, flexible alternatives for investment, and adequate financial conditions to those who want to launch new productive projects and are looking for funding. The thesis of this research project can be expressed as follows: 'under the current market conditions, the issuance of a debt instrument for La Pampa province becomes a convenient tool to canalize the public saving toward promising investment projects and mobilize the provincial economy'.