The company announced its return to the financial markets and was able to raise the maximum amount planned with the placement of Series I of its trust fund.
12/18/2025 – 8:22 p.m
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While we wait for privatization, Argentine Water and Sanitation (AySA) announced this Thursday its return to the financial markets. The company managed to raise the maximum amount expected 30 billion dollars by placing the Series I of his financial trust “AySA I”.
According to the company The public tender generated great interest on the capital marketwith offers received for a total $61,257,088,000which represented a Oversubscription greater than 100%.
AySA emphasized that “this result confirms the response on the capital market and the efficiency of the proposed financial structure.” Furthermore, they highlighted this Get financing without having to resort to traditional bank debt improves the company’s valuation and provides financial predictability.
AySA: Determination of the means and goal of the operation
The company explained this The main goal of this operation is to strengthen working capitalwhich makes it possible to anticipate future revenues to ensure operational sustainability and the quality of the services provided AySA To about 15 million users.
The funds received are allocated Construction plan 2024-2026with the aim of improving the service. In this sense, they assume that this placement will work within the company a thermometer to assess AySA’s positioning on the capital market.
The Issue date and integration of the securities It’s scheduled for this Friday.
Features of the financial question
AySA He explained that the exhibition of the Trust Debt Instrument (VDF) was carried out as part of the Global program “SECUVAL III” and completed with a Applicable margin of 6.80% of the annual notional value above the TAMAR rate. The titles have one AA+sf (arg) risk rating with a stable outlookgranted by FIX SCR.
This was also reported The asset consists of the pro-solvendo transfer of 100% of the collection rights of future flows arose from the payment of AySA services via selected credit and debit cards –Visa and MasterCard— through electronic and telephone channels.
The capital is written off 12 monthly and consecutive installmentswithout approval from the Ministry of Finance. The company emphasized that the instrument does not require government guaranteesas it acts autonomously by transferring its own assets.
The placement was led by Balanceas organizer, placement agent and liquidation agent, together with the Banco de Valores SAwhich acted as trustee, issuer and placement agent in accordance with the provisions of the National Securities Commission (CNV).
The path to privatization
At the same time, the government is planning to do this in the first quarter of 2026 The national and international public tender for transfer to private investors is launched 90% of the share package from AySA. He 10% left would be in the hands of the workers, represented by the leading union Jose Luis Lingieri.
The process aims to replicate the scheme used in the 90s, when the National Health Works It was granted to the French group in 1993 Lyonnaise des Eaux (Suez)within the framework of the State reform and privatization promoted during this period.
The financial advice is provided by the International Finance Corporation (IFC)Financial arm of the World Bank that has already been involved in similar processes, such as the privatization of water supplies in São Paulo. The process attracted international interest. These include not only American funds, but also companies that know the business, as this media learned months ago. At the moment, AySA operates in the city of Buenos Aires and in 26 districts of the suburbs of Buenos Aireson a concession area of 3,363 square kilometers.
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