On March 27, 2020, the Paraguayan Securities Exchange Commission (Comisión Nacional de Valores) issued Resolution No. 12/2020, approving a temporary and extraordinary regime for issuing companies (SAE or SAECA) to issue short-term notes to meet their working capital needs and to restructure debt.

 The most relevant aspects of the resolution are listed below:

 The application for the Global Notes Program can be submitted until August 26, 2020.

  • The issuance and placement of the series of the notes can be made until August 31, 2020.
  • The maturity of the notes will be of 360 days.
  • The application for the Global Notes Program and the required documents are submitted electronically.
  • SAEs or SAECAs that have a valid risk rating are exempt from having a risk rating for the Global Notes Program.
  • SAEs or SAECAs that do not have a valid risk rating must obtain a rating when, at the time of the issuance decision: (i) the amount to be issued, added to; (ii) issuances in circulation; exceeds (x) in relative values, ​​100% of the net assets of the SAE or SAECA, or (y) in absolute values, ​​USD 2 million.

SAEs and SAECAs are exempt from paying the fee for registering the Global Notes Program.