---
title: "Obligación negociable (ON, Argentine Corporate Bond)"
url: "https://www.unknowngravity.com/en/glosario/obligacion-negociable"
site: Unknown Gravity
published: "2026-10-03T00:52:39+00:00"
modified: "2026-10-03T00:52:39+00:00"
language: en-US
description: "An obligación negociable (ON) is a debt security through which an Argentine company borrows from many investors at once: the buyer lends money and the issuer undertakes to repay it with interest on…"
section: "Home > Obligación negociable (ON, Argentine Corporate Bond)"
---

# Obligación negociable (ON, Argentine Corporate Bond)

**An obligación negociable (ON) is a debt security through which an Argentine company borrows from many investors at once: the buyer lends money and the issuer undertakes to repay it with interest on the terms of the issue.** It is governed by Law 23,576 of 1988. Under its art. 1 (as worded by Law 27,440), it may be issued by joint-stock companies, limited liability companies, cooperatives and civil associations incorporated in Argentina, and by branches of foreign joint-stock companies.

**How an issue is structured.**

- **Classes and series:** there may be classes with different rights and series within each class; a new series of the same class cannot be issued until the previous one is fully subscribed (art. 2).
- **Security:** floating, specific or unsecured, plus third-party guarantees, including mutual guarantee companies (SGR); limited-recourse ONs backed only by certain assets of the issuer are also allowed (art. 3).
- **Currency:** they may be denominated in foreign currency and subscribed in local currency, foreign currency or in kind (art. 4).
- **Convertibles:** joint-stock companies may issue ONs convertible into shares at the investor's option (art. 5).
- **Who decides:** the ordinary shareholders' meeting or, if the by-laws allow it, the board; convertibles require an extraordinary meeting, except in companies whose shares are publicly offered (art. 9).
- **Form:** certificates or book-entry ONs recorded in accounts kept by the issuer, banks or securities depositories (arts. 8 and 31).

**Public offering or private placement.** In a public offering, the issuer publishes a notice on the website of the CNV, the securities regulator, and the offering is governed by Capital Markets Law 26,831 (arts. 10 and 31). In a private placement, the notice runs for one day in the Official Gazette and is filed with the public registry (art. 10). Certificates and book-entry account statements give holders summary enforcement rights to claim principal, adjustments and interest and to enforce the guarantees (art. 29).

**Tax rules in the law.** Law 23,576 exempts the acts of issuance, subscription, placement and transfer from stamp duty and invites the provinces to do the same (art. 35). Its special tax regime, which includes a VAT exemption for those transactions (art. 36 bis), only applies to ONs placed through a public offering authorised by the CNV whose proceeds go to investment in Argentina, working capital, refinancing of liabilities or other listed purposes, and the issuer must evidence that use to the CNV (art. 36).

**Tokenized ONs.** The CNV allows ONs to be represented on distributed ledger technology under the tokenization regime in Title XXII of its Rules. General Resolution 1081/2025 added them, and General Resolution 1150/2026 (art. 2) keeps them on the list of eligible securities (art. 1, Section I, Chapter I, Title XXII), together with securities issued under automatic-authorisation public offering regimes. It is a regulatory sandbox in force until 31 December 2027 (art. 38 of the same chapter), and digital subscription and trading run through PSAVs registered in every category (art. 14). In addition, General Resolution 1125/2026 allows ONs to be placed through the automatic-authorisation crowdfunding route, with a cap per investor of 3,000 UVA per issue and 10,000 UVA across the regime (art. 148, Chapter V, Title II of the CNV Rules).

The country picture is in [asset tokenization in Argentina](/en/articulos/asset-tokenization-in-argentina); the logic of on-chain debt in [tokenized bonds](/en/articulos/bonos-tokenizados) and in [how to issue tokenized bonds with legal backing](/en/articulos/bonos-tokenizados); and the service in [financial asset tokenization](/en/servicios/tokenizacion-activos-financieros).

**Official sources:** [Law 23,576, consolidated text (InfoLEG)](https://servicios.infoleg.gob.ar/infolegInternet/anexos/20000-24999/20643/texact.htm); [CNV General Resolution 1150/2026](https://www.argentina.gob.ar/normativa/nacional/norma-426586/texto); [CNV General Resolution 1125/2026](https://www.argentina.gob.ar/normativa/nacional/resoluci%C3%B3n-1125-2026-424560/texto). *Framework verified as of 2 October 2026.*