{"id":18169,"date":"2026-10-28T00:31:06","date_gmt":"2026-10-28T00:31:06","guid":{"rendered":"https:\/\/ceniconstrucoes.com.br\/wp\/es\/guias\/obligaciones-negociables-que-son-como-comprar-2026\/"},"modified":"2026-11-02T23:25:17","modified_gmt":"2026-11-02T23:25:17","slug":"obligaciones-negociables-que-son-como-comprar-2026","status":"publish","type":"page","link":"https:\/\/ceniconstrucoes.com.br\/wp\/es\/guias\/obligaciones-negociables-que-son-como-comprar-2026\/","title":{"rendered":"Obligaciones negociables en d\u00f3lares: qu\u00e9 son, cu\u00e1nto pagan, c\u00f3mo se compran y qu\u00e9 mirar antes de elegir una"},"content":{"rendered":"\n<link rel=\"preload\" href=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/fonts\/rP2Hp2ywxg089UriCZOIHQ.woff2\" as=\"font\" type=\"font\/woff2\" crossorigin>\n<style>\n@font-face {\n  font-family: 'DM Sans';\n  font-style: normal;\n  font-weight: 400;\n  font-display: swap;\n  src: 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!important; border: 1px solid var(--line) !important; border-radius: 4px !important; padding: 0 !important; margin: 0 0 0 2px !important; box-shadow: none !important; min-height: 0 !important; line-height: 1 !important; outline-offset: 2px;}.ceni-site .burger span{background: var(--navy) !important;}.ceni-site .menu-open .nav a{color: var(--ink) !important;}.ceni-site .header{top: 0;}body.admin-bar .ceni-site .header{top: 32px;}@media (max-width: 782px){body.admin-bar .ceni-site .header{top: 46px;}}<\/style>\n<div class=\"ceni-site\">\n<header class=\"header\">\n<div class=\"wrap\">\n<a class=\"logo\" href=\"\/wp\/es\/\"><img decoding=\"async\" alt=\"Ceni &amp; Southier\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/09\/logo-navy.png\"\/><\/a>\n<nav class=\"nav\"><a href=\"\/wp\/es\/#quienes\">Qui\u00e9nes somos<\/a><a href=\"\/wp\/es\/#obras\">Obras entregadas<\/a><a href=\"\/wp\/es\/#como\">C\u00f3mo trabajamos<\/a><a href=\"\/wp\/es\/#floripa\">Por qu\u00e9 Florian\u00f3polis<\/a><a class=\"on\" href=\"\/wp\/es\/guias\/\">Gu\u00edas<\/a><a href=\"\/wp\/es\/#contacto\">Contacto<\/a><\/nav>\n<button aria-expanded=\"false\" aria-label=\"Men\u00fa\" class=\"burger\" style=\"margin-left:auto\" type=\"button\"><span><\/span><span><\/span><span><\/span><\/button>\n<\/div>\n<\/header>\n<main data-conteudo=\"resposta-completa-1\" data-molde=\"2026-10-31\" id=\"conteudo\">\n<section class=\"g-hero on-dark viagem\" id=\"top\">\n<div class=\"wrap\">\n<div>\n<div class=\"crumbs\"><a href=\"\/wp\/es\/\">Inicio<\/a><span>\u203a<\/span><a href=\"\/wp\/es\/guias\/\">Gu\u00edas<\/a><span>\u203a<\/span><a href=\"\/wp\/es\/guias\/\">La plata y los impuestos<\/a><span>\u203a<\/span><span>Obligaciones negociables<\/span><\/div>\n<div class=\"eyebrow\">Gu\u00eda \u00b7 La plata y los impuestos<\/div>\n<h1>Obligaciones negociables en d\u00f3lares: qu\u00e9 son, cu\u00e1nto pagan, c\u00f3mo se compran y qu\u00e9 mirar antes de elegir una<\/h1>\n<div class=\"meta\"><span>Actualizado: <b>noviembre 2026<\/b><\/span><span>15 min de lectura<\/span><span class=\"chk\">\u2713 Un aviso oficial le\u00eddo con la cuenta, la ley de impuestos, el paso a paso y qu\u00e9 mirar<\/span><\/div>\n<\/div>\n<\/div>\n<\/section>\n<section class=\"resp\"><div class=\"wrap\"><div class=\"direct rv\"><div class=\"lbl\">Respuesta directa<\/div><p>Una obligaci\u00f3n negociable (ON) es un pr\u00e9stamo que le hac\u00e9s a una empresa: te paga un inter\u00e9s fijo, el cup\u00f3n, y te devuelve el capital en una fecha. Paga lo que dice su aviso. Por ejemplo, la Clase XXIX de YPF se emiti\u00f3 el 28\/05\/2024 en d\u00f3lares al 6,00% anual, con todo el capital a los 24 meses: con US$ 10.000, sus condiciones daban US$ 1.200 de inter\u00e9s en dos a\u00f1os. Se rige por la Ley 23.576, cotiza en el mercado y se compra desde una cuenta comitente, al emitirse o despu\u00e9s.<\/p><\/div><p class=\"lead\">Sirve para la parte de tus d\u00f3lares que puede esperar uno a cuatro a\u00f1os y que quer\u00e9s cobrar en fechas conocidas. A diferencia de un plazo fijo, depende de que la empresa pague y su precio se mueve si la vend\u00e9s antes.<\/p><p class=\"ponte-apoio prox-linha\">Pr\u00f3ximo paso: <a href=\"\/wp\/es\/guias\/cedears-que-son-como-comprar-dividendos\/\">CEDEARs: qu\u00e9 son, c\u00f3mo se compran y cu\u00e1les pagan dividendos<\/a><\/p><nav aria-label=\"En esta gu\u00eda\" class=\"toc-corpo\"><div class=\"t\">En esta gu\u00eda<\/div><a href=\"#s1\">\u00bfQu\u00e9 es una obligaci\u00f3n negociable y qui\u00e9n puede emitirla?<\/a><a href=\"#s2\">\u00bfQu\u00e9 dice el prospecto de una ON, con un caso real?<\/a><a href=\"#s3\">\u00bfCu\u00e1nto paga una obligaci\u00f3n negociable, con US$ 10.000?<\/a><a href=\"#s4\">\u00bfSe cobra en d\u00f3lar MEP, en d\u00f3lar cable o en pesos?<\/a><a href=\"#s5\">\u00bfC\u00f3mo se compra una obligaci\u00f3n negociable, paso a paso?<\/a><a href=\"#s6\">\u00bfQu\u00e9 impuestos paga una obligaci\u00f3n negociable?<\/a><a href=\"#s7\">\u00bfQu\u00e9 pasa si la empresa no paga una obligaci\u00f3n negociable?<\/a><a href=\"#s8\">\u00bfQu\u00e9 mirar para elegir una obligaci\u00f3n negociable?<\/a><a href=\"#s9\">\u00bfON, bono del Tesoro o plazo fijo: cu\u00e1l seg\u00fan tu plazo?<\/a><a href=\"#s10\">\u00bfQu\u00e9 sigue si quer\u00e9s una cartera en d\u00f3lares ordenada por plazo?<\/a><a href=\"#s11\">Antes de comprar una obligaci\u00f3n negociable<\/a><a href=\"#s12\">Preguntas frecuentes<\/a><\/nav><\/div><\/section>\n<div class=\"wrap corpo\">\n<article>\n<h2 id=\"s1\">\u00bfQu\u00e9 es una obligaci\u00f3n negociable y qui\u00e9n puede emitirla?<\/h2>\n<p class=\"resumo\">Es un t\u00edtulo de deuda que emite una empresa para financiarse en el mercado de capitales. Pueden emitirla las sociedades por acciones, las SRL, las cooperativas, las asociaciones civiles y las sucursales de sociedades extranjeras (Ley 23.576, art. 1). Vos sos acreedor, no socio: cobr\u00e1s el cup\u00f3n y el capital, no dividendos.<\/p>\n<p>La empresa necesita plata para invertir, para capital de trabajo o para refinanciar deudas. En vez de pedirla a un banco, la pide a muchos inversores a la vez. Cada uno compra una parte de la deuda y recibe lo que la empresa promete en el prospecto.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th><\/th><th>Obligaci\u00f3n negociable<\/th><th>Acci\u00f3n<\/th><\/tr><\/thead><tbody><tr><td data-label=\"\"><b>Qu\u00e9 sos<\/b><\/td><td data-label=\"Obligaci\u00f3n negociable\">Acreedor de la empresa<\/td><td data-label=\"Acci\u00f3n\">Due\u00f1o de una parte de la empresa<\/td><\/tr><tr><td data-label=\"\"><b>Qu\u00e9 cobr\u00e1s<\/b><\/td><td data-label=\"Obligaci\u00f3n negociable\">Un inter\u00e9s fijado de antemano y el capital<\/td><td data-label=\"Acci\u00f3n\">Dividendos, si la empresa decide repartir<\/td><\/tr><tr><td data-label=\"\"><b>Cu\u00e1ndo termina<\/b><\/td><td data-label=\"Obligaci\u00f3n negociable\">En la fecha de vencimiento<\/td><td data-label=\"Acci\u00f3n\">No tiene vencimiento<\/td><\/tr><tr><td data-label=\"\"><b>Si a la empresa le va muy bien<\/b><\/td><td data-label=\"Obligaci\u00f3n negociable\">Cobr\u00e1s lo mismo<\/td><td data-label=\"Acci\u00f3n\">Pod\u00e9s ganar m\u00e1s<\/td><\/tr><tr><td data-label=\"\"><b>Si le va mal<\/b><\/td><td data-label=\"Obligaci\u00f3n negociable\">Cobr\u00e1s antes que los accionistas<\/td><td data-label=\"Acci\u00f3n\">Cobr\u00e1s despu\u00e9s de los acreedores<\/td><\/tr><\/tbody><\/table><\/div>\n<p class=\"src\">Fuente: <a href=\"https:\/\/biblioteca.afip.gob.ar\/dcp\/LEY_C_023576_1988_06_29\" rel=\"noopener\" target=\"_blank\">Ley 23.576 de Obligaciones Negociables, texto vigente (biblioteca de ARCA)<\/a>, arts. 1, 3 y 7. Consultado el 02\/11\/2026.<\/p>\n<p><b>Las garant\u00edas.<\/b> La ley permite tres: com\u00fan, especial o flotante (art. 3). La com\u00fan es la regla: te respalda todo el patrimonio de la empresa, sin un bien en particular. La especial ata la deuda a un bien concreto. Tambi\u00e9n puede haber aval de una sociedad de garant\u00eda rec\u00edproca, frecuente en las ON de pymes.<\/p>\n<p><b>Qui\u00e9n controla.<\/b> Las ON que se ofrecen al p\u00fablico necesitan autorizaci\u00f3n de la Comisi\u00f3n Nacional de Valores (CNV). Esa autorizaci\u00f3n dice que la empresa cumpli\u00f3 con la informaci\u00f3n exigida, no que la deuda sea buena. Lo dice el propio aviso de cada emisi\u00f3n.<\/p>\n<p><b>Qu\u00e9 significa para vos.<\/b> Antes de mirar la tasa, mir\u00e1 qui\u00e9n te debe. Una ON es tan buena como la capacidad de pago de esa empresa durante el plazo.<\/p>\n<h2 id=\"s2\">\u00bfQu\u00e9 dice el prospecto de una ON, con un caso real?<\/h2>\n<p class=\"resumo\">El prospecto y el aviso de resultados fijan todo: moneda, tasa, plazo, c\u00f3mo se devuelve el capital y cu\u00e1ndo se pagan los intereses. En la Clase XXIX de YPF, emitida el 28\/05\/2024, la tasa era 6,00% nominal anual en d\u00f3lares, a 24 meses, con el capital en una sola cuota al vencimiento.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Dato del aviso<\/th><th>Qu\u00e9 te dice<\/th><th>En la Clase XXIX de YPF<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Dato del aviso\"><b>Emisor<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">Qui\u00e9n te debe<\/td><td data-label=\"En la Clase XXIX de YPF\">YPF S.A.<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Moneda<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">En qu\u00e9 se integra y en qu\u00e9 cobr\u00e1s<\/td><td data-label=\"En la Clase XXIX de YPF\">D\u00f3lares, integrada en efectivo en d\u00f3lares<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Tasa<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">El cup\u00f3n por a\u00f1o<\/td><td data-label=\"En la Clase XXIX de YPF\">6,00% nominal anual, fija<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Precio de emisi\u00f3n<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">Cu\u00e1nto pagabas por cada d\u00f3lar de capital<\/td><td data-label=\"En la Clase XXIX de YPF\">100% del valor nominal<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Emisi\u00f3n y vencimiento<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">El plazo<\/td><td data-label=\"En la Clase XXIX de YPF\">28\/05\/2024 al 28\/05\/2026, 24 meses<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Amortizaci\u00f3n<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">C\u00f3mo vuelve el capital<\/td><td data-label=\"En la Clase XXIX de YPF\">Una sola cuota al vencimiento<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Pago de intereses<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">Cu\u00e1ndo cobr\u00e1s<\/td><td data-label=\"En la Clase XXIX de YPF\">28\/11\/2024 y despu\u00e9s cada tres meses, hasta el 28\/05\/2026<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Duration<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">En cu\u00e1nto tiempo, en promedio, recuper\u00e1s la plata<\/td><td data-label=\"En la Clase XXIX de YPF\">1,90 a\u00f1os<\/td><\/tr><tr><td data-label=\"Dato del aviso\"><b>Demanda<\/b><\/td><td data-label=\"Qu\u00e9 te dice\">Cu\u00e1ntos pidieron<\/td><td data-label=\"En la Clase XXIX de YPF\">8.130 \u00f3rdenes; se emitieron US$ 177.717.716<\/td><\/tr><\/tbody><\/table><\/div>\n<p class=\"src\">Fuente: YPF S.A., aviso de resultados de las Obligaciones Negociables Clase XXIX, mayo de 2024, emitidas bajo el R\u00e9gimen de Emisor Frecuente de la CNV; documentos disponibles en la Autopista de la Informaci\u00f3n Financiera (AIF) de la <a href=\"https:\/\/www.cnv.gov.ar\/\" rel=\"noopener\" target=\"_blank\">CNV<\/a>. Es un ejemplo para leer un aviso, no una recomendaci\u00f3n.<\/p>\n<p><b>Por qu\u00e9 este caso.<\/b> Es un ejemplo de condiciones de emisi\u00f3n, le\u00eddo en el aviso oficial: tiene todos los datos que ten\u00e9s que buscar en una ON nueva. Lo que pas\u00f3 despu\u00e9s con esta clase no entra en el ejemplo. Para una ON que sigue en el mercado, los pagos hechos y los avisos de rescate se publican en la AIF de la CNV.<\/p>\n<p><b>D\u00f3nde se leen.<\/b> Los avisos de suscripci\u00f3n y de resultados, el prospecto y el suplemento de cada clase se publican en la AIF de la CNV, en \u00abEmpresas\u00bb, y en el sitio del emisor. El aviso de resultados es el que confirma la tasa final.<\/p>\n<p><b>Qu\u00e9 hacer.<\/b> Antes de comprar cualquier ON, busc\u00e1 su aviso de resultados y complet\u00e1 esta misma tabla. Si te falta un dato, preguntale a tu agente.<\/p>\n<h2 id=\"s3\">\u00bfCu\u00e1nto paga una obligaci\u00f3n negociable, con US$ 10.000?<\/h2>\n<p class=\"resumo\">Paga el cup\u00f3n de su aviso sobre el capital. Seg\u00fan las condiciones de emisi\u00f3n de la Clase XXIX de YPF, US$ 10.000 cobraban US$ 300 en el primer pago, a los seis meses, y unos US$ 150 en cada uno de los seis trimestrales siguientes: US$ 1.200 de inter\u00e9s en dos a\u00f1os, m\u00e1s los US$ 10.000 al final.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Pago<\/th><th>Fecha<\/th><th>Inter\u00e9s aproximado<\/th><th>Capital<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Pago\">1<\/td><td data-label=\"Fecha\">28\/11\/2024<\/td><td data-label=\"Inter\u00e9s aproximado\">US$ 300<\/td><td data-label=\"Capital\">\u2014<\/td><\/tr><tr><td data-label=\"Pago\">2 a 6<\/td><td data-label=\"Fecha\">Cada tres meses, de febrero de 2025 a febrero de 2026<\/td><td data-label=\"Inter\u00e9s aproximado\">US$ 150 cada uno, US$ 750 en total<\/td><td data-label=\"Capital\">\u2014<\/td><\/tr><tr><td data-label=\"Pago\">7<\/td><td data-label=\"Fecha\">28\/05\/2026<\/td><td data-label=\"Inter\u00e9s aproximado\">US$ 150<\/td><td data-label=\"Capital\">US$ 10.000<\/td><\/tr><tr><td data-label=\"Pago\"><b>Total<\/b><\/td><td data-label=\"Fecha\"><\/td><td data-label=\"Inter\u00e9s aproximado\"><b>US$ 1.200<\/b><\/td><td data-label=\"Capital\"><b>US$ 10.000<\/b><\/td><\/tr><\/tbody><\/table><\/div>\n<p class=\"src\">Ejemplo: cuenta de Ceni &amp; Southier con las condiciones del aviso de resultados de YPF Clase XXIX (23\/05\/2024), fechas de pago del punto 9 del aviso: 6,00% nominal anual sobre US$ 10.000, por el per\u00edodo de cada pago. Montos redondeados; el monto exacto depende de los d\u00edas de cada per\u00edodo. Sin comisiones ni impuestos.<\/p>\n<p><b>Cup\u00f3n no es lo mismo que TIR.<\/b> El cup\u00f3n es lo que paga el papel sobre el capital. La TIR, la tasa interna de retorno, es lo que te rinde seg\u00fan el precio al que compr\u00e1s. Si compr\u00e1s al 100%, como en la emisi\u00f3n, la TIR queda cerca del cup\u00f3n. Si despu\u00e9s la compr\u00e1s en el mercado por debajo de 100, la TIR sube; si la pag\u00e1s por encima, baja.<\/p>\n<p><b>La comparaci\u00f3n que conoce el argentino.<\/b> El plazo fijo en d\u00f3lares del Banco Naci\u00f3n paga 4,50% anual de 365 a 720 d\u00edas por canal electr\u00f3nico (tabla del banco, 02\/11\/2026). Con US$ 10.000 a un a\u00f1o son US$ 450. La ON paga m\u00e1s porque te pide aceptar el riesgo de una empresa y que su precio se mueva si vend\u00e9s antes.<\/p>\n<p><b>Qu\u00e9 hacer.<\/b> Escrib\u00ed el calendario de cobros de tu ON con fechas y montos, como en la tabla. Es tu flujo de d\u00f3lares de los pr\u00f3ximos a\u00f1os.<\/p>\n<h2 id=\"s4\">\u00bfSe cobra en d\u00f3lar MEP, en d\u00f3lar cable o en pesos?<\/h2>\n<p class=\"resumo\">Lo dice cada emisi\u00f3n. Las ON en d\u00f3lares se integran y se pagan en d\u00f3lares en la Argentina (MEP) o en el exterior (cable). Otras se pagan en pesos al d\u00f3lar oficial, las llamadas d\u00f3lar linked. El ticker cambia seg\u00fan la moneda en la que cotiza.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Tipo<\/th><th>C\u00f3mo pag\u00e1s<\/th><th>C\u00f3mo cobr\u00e1s<\/th><th>Para qui\u00e9n<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Tipo\"><b>D\u00f3lar MEP<\/b><\/td><td data-label=\"C\u00f3mo pag\u00e1s\">D\u00f3lares en una cuenta argentina<\/td><td data-label=\"C\u00f3mo cobr\u00e1s\">D\u00f3lares en tu cuenta comitente en la Argentina<\/td><td data-label=\"Para qui\u00e9n\">Quien ahorra en d\u00f3lares dentro del pa\u00eds<\/td><\/tr><tr><td data-label=\"Tipo\"><b>D\u00f3lar cable<\/b><\/td><td data-label=\"C\u00f3mo pag\u00e1s\">D\u00f3lares en el exterior<\/td><td data-label=\"C\u00f3mo cobr\u00e1s\">D\u00f3lares en una cuenta afuera<\/td><td data-label=\"Para qui\u00e9n\">Quien tiene una cuenta a su nombre en el exterior<\/td><\/tr><tr><td data-label=\"Tipo\"><b>D\u00f3lar linked<\/b><\/td><td data-label=\"C\u00f3mo pag\u00e1s\">Pesos<\/td><td data-label=\"C\u00f3mo cobr\u00e1s\">Pesos, al tipo de cambio oficial de cada fecha<\/td><td data-label=\"Para qui\u00e9n\">Quien tiene pesos y quiere seguir al d\u00f3lar oficial<\/td><\/tr><\/tbody><\/table><\/div>\n<p class=\"src\">Clasificaci\u00f3n general de las emisiones; la moneda de cada ON est\u00e1 en su aviso de suscripci\u00f3n. Consultado el 02\/11\/2026.<\/p>\n<p><b>El ticker.<\/b> Como en los bonos, la misma ON puede tener un c\u00f3digo en pesos, otro con D para d\u00f3lar MEP y otro con C para d\u00f3lar cable. Compr\u00e1 con el c\u00f3digo de la moneda que ten\u00e9s, para no sumar una vuelta de cambio.<\/p>\n<p><b>Qu\u00e9 significa para el inversor.<\/b> Una ON d\u00f3lar linked no te da d\u00f3lares: te da pesos que siguen al oficial. Si quer\u00e9s terminar con d\u00f3lares en la mano, busc\u00e1 una ON que se pague en d\u00f3lares.<\/p>\n<h2 id=\"s5\">\u00bfC\u00f3mo se compra una obligaci\u00f3n negociable, paso a paso?<\/h2>\n<p class=\"resumo\">Con una cuenta comitente en un agente inscripto en la CNV. Se puede entrar en la emisi\u00f3n, el mercado primario, poniendo una orden en la licitaci\u00f3n, o despu\u00e9s, en el mercado secundario, comprando a quien ya la tiene, al precio del d\u00eda.<\/p>\n<ol class=\"steps\"><li><div><b>1. Abr\u00ed la cuenta comitente<\/b><span>En tu banco o en un agente de liquidaci\u00f3n y compensaci\u00f3n (ALyC) que figure en el registro de la CNV. La apertura es en l\u00ednea: te piden DNI y CUIT o CUIL.<\/span><\/div><\/li><li><div><b>2. Le\u00e9 el aviso de suscripci\u00f3n<\/b><span>Moneda, plazo, tasa o forma de fijarla, fechas de licitaci\u00f3n y monto m\u00ednimo. Est\u00e1 en la AIF de la CNV, en \u00abEmpresas\u00bb.<\/span><\/div><\/li><li><div><b>3. Pon\u00e9 tu orden en la licitaci\u00f3n<\/b><span>Por medio de tu agente, en el per\u00edodo de formaci\u00f3n del libro. La tasa sale de la licitaci\u00f3n y se publica en el aviso de resultados.<\/span><\/div><\/li><li><div><b>4. O compr\u00e1 despu\u00e9s en el mercado<\/b><span>En el secundario, por el c\u00f3digo de la ON, en la moneda que ten\u00e9s. Pag\u00e1s el precio del d\u00eda.<\/span><\/div><\/li><li><div><b>5. Anot\u00e1 las fechas de cobro<\/b><span>Cupones y vencimiento llegan a tu cuenta comitente.<\/span><\/div><\/li><\/ol>\n<p class=\"src\">Mec\u00e1nica de la CNV y de los mercados (BYMA y MAE). El costo de operar sale del cuadro de comisiones de tu agente.<\/p>\n<p><b>Primario o secundario.<\/b> En el primario compr\u00e1s al precio de emisi\u00f3n y sin la diferencia entre compra y venta, pero ten\u00e9s que esperar a que haya una emisi\u00f3n. En el secundario eleg\u00eds entre las que ya cotizan, pero las de poco volumen se compran y se venden con m\u00e1s diferencia de precio.<\/p>\n<p><b>El monto m\u00ednimo.<\/b> Lo fija cada aviso. Algunas emisiones tienen m\u00ednimos altos que dejan afuera a los montos chicos; en el secundario, en cambio, se compra desde una l\u00e1mina.<\/p>\n<p><b>Una regla del BCRA.<\/b> Si en los \u00faltimos 90 d\u00edas compraste d\u00f3lar oficial para ahorro o giraste d\u00f3lares al exterior, no pod\u00e9s comprar t\u00edtulos con liquidaci\u00f3n en d\u00f3lares. Si la declaraci\u00f3n la firmaste por girar d\u00f3lares al exterior, la A 8417 except\u00faa la suscripci\u00f3n primaria de deuda de residentes que mantengas 15 d\u00edas h\u00e1biles (punto 7.2.1). M\u00e1s en <a href=\"\/wp\/es\/guias\/dolar-mep-que-es-como-comprarlo-cuando-conviene\/\">d\u00f3lar MEP<\/a>.<\/p>\n<h2 id=\"s6\">\u00bfQu\u00e9 impuestos paga una obligaci\u00f3n negociable?<\/h2>\n<p class=\"resumo\">La Ley 23.576, en su art. 36 bis, exime de Ganancias los intereses y el resultado de la venta de las ON que cumplen el art. 36: colocaci\u00f3n por oferta p\u00fablica con autorizaci\u00f3n de la CNV y uso de los fondos en los fines de la ley. Tambi\u00e9n las exime de IVA. C\u00f3mo se aplica a tu caso lo confirma tu contador.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Impuesto<\/th><th>Qu\u00e9 dice la Ley 23.576<\/th><th>Condici\u00f3n<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Impuesto\"><b>Ganancias, sobre los intereses<\/b><\/td><td data-label=\"Qu\u00e9 dice la Ley 23.576\">Exentos (art. 36 bis)<\/td><td data-label=\"Condici\u00f3n\">Que la ON cumpla el art. 36<\/td><\/tr><tr><td data-label=\"Impuesto\"><b>Ganancias, sobre la venta<\/b><\/td><td data-label=\"Qu\u00e9 dice la Ley 23.576\">Exento el resultado de compraventa, cambio o disposici\u00f3n (art. 36 bis)<\/td><td data-label=\"Condici\u00f3n\">Igual<\/td><\/tr><tr><td data-label=\"Impuesto\"><b>IVA<\/b><\/td><td data-label=\"Qu\u00e9 dice la Ley 23.576\">Exentas la emisi\u00f3n, la colocaci\u00f3n, los intereses y la cancelaci\u00f3n (art. 36 bis)<\/td><td data-label=\"Condici\u00f3n\">Igual<\/td><\/tr><tr><td data-label=\"Impuesto\"><b>Bienes Personales<\/b><\/td><td data-label=\"Qu\u00e9 dice la Ley 23.576\">No lo trata esta ley<\/td><td data-label=\"Condici\u00f3n\">Consultalo con tu contador<\/td><\/tr><\/tbody><\/table><\/div>\n<p class=\"src\">Fuente: Ley 23.576, arts. 36 y 36 bis, texto vigente seg\u00fan la biblioteca de <a href=\"https:\/\/www.arca.gob.ar\/\" rel=\"noopener\" target=\"_blank\">ARCA<\/a> (\u00faltima modificaci\u00f3n, Ley 27.440 de 2018). Informaci\u00f3n general, no asesoramiento.<\/p>\n<p><b>Las tres condiciones del art. 36.<\/b> Que la ON se coloque por oferta p\u00fablica con autorizaci\u00f3n de la CNV. Que la empresa use la plata en fines de la ley: inversi\u00f3n en activos f\u00edsicos en el pa\u00eds, capital de trabajo o refinanciaci\u00f3n de deudas, entre otros. Y que demuestre ante la CNV que la us\u00f3 as\u00ed. Las ON del mercado suelen emitirse para cumplirlas, y el prospecto lo dice.<\/p>\n<p><b>Qu\u00e9 significa para el inversor.<\/b> Frente a un dividendo de una acci\u00f3n de afuera, que llega con retenci\u00f3n, el cup\u00f3n de una ON que cumple la ley puede llegarte entero. Por eso, en la comparaci\u00f3n con otras opciones, mir\u00e1 el resultado despu\u00e9s de impuestos.<\/p>\n<p><b>Qu\u00e9 hacer.<\/b> Guard\u00e1 el aviso de la ON, los boletos y los avisos de cobro. Con eso, tu contador confirma la exenci\u00f3n en tu declaraci\u00f3n.<\/p>\n<h2 id=\"s7\">\u00bfQu\u00e9 pasa si la empresa no paga una obligaci\u00f3n negociable?<\/h2>\n<p class=\"resumo\">El tenedor tiene acci\u00f3n ejecutiva para reclamar capital e intereses (Ley 23.576, art. 29). En la pr\u00e1ctica, si una empresa no puede pagar, suele negociar con los tenedores nuevos plazos o montos, dentro o fuera de un concurso. El precio de la ON cae antes, cuando el mercado empieza a dudar.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th>Situaci\u00f3n<\/th><th>Qu\u00e9 pasa con tu ON<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Situaci\u00f3n\"><b>La empresa paga en t\u00e9rmino<\/b><\/td><td data-label=\"Qu\u00e9 pasa con tu ON\">Cobr\u00e1s cupones y capital seg\u00fan el aviso<\/td><\/tr><tr><td data-label=\"Situaci\u00f3n\"><b>Hay dudas sobre la empresa<\/b><\/td><td data-label=\"Qu\u00e9 pasa con tu ON\">El precio baja; si vend\u00e9s, cobr\u00e1s menos; si esper\u00e1s, segu\u00eds con el mismo calendario<\/td><\/tr><tr><td data-label=\"Situaci\u00f3n\"><b>La empresa propone cambiar las condiciones<\/b><\/td><td data-label=\"Qu\u00e9 pasa con tu ON\">Los tenedores votan, con las mayor\u00edas que fija el prospecto<\/td><\/tr><tr><td data-label=\"Situaci\u00f3n\"><b>La empresa no paga<\/b><\/td><td data-label=\"Qu\u00e9 pasa con tu ON\">Acci\u00f3n ejecutiva del tenedor (art. 29) o el proceso de concurso o acuerdo preventivo, donde cobr\u00e1s con los dem\u00e1s acreedores<\/td><\/tr><\/tbody><\/table><\/div>\n<p class=\"src\">Fuente: Ley 23.576, art. 29 (acci\u00f3n ejecutiva; en concurso, quiebra o acuerdo preventivo extrajudicial rige la Ley 25.589). Una ON no tiene la garant\u00eda de dep\u00f3sitos, que cubre plazos fijos y cajas de ahorro (Ley 24.485).<\/p>\n<p><b>C\u00f3mo se cuida el inversor.<\/b> No con una garant\u00eda: con la elecci\u00f3n. Una empresa que cobra en d\u00f3lares, porque exporta o vende en d\u00f3lares, tiene m\u00e1s f\u00e1cil pagar en d\u00f3lares. Una calificaci\u00f3n vigente de una calificadora inscripta en la CNV resume la opini\u00f3n de un analista sobre esa capacidad de pago.<\/p>\n<p><b>Qu\u00e9 significa para el inversor.<\/b> Repartir entre varias empresas y sectores baja el golpe si una falla. Con una sola ON, todo depende de un solo deudor.<\/p>\n<h2 id=\"s8\">\u00bfQu\u00e9 mirar para elegir una obligaci\u00f3n negociable?<\/h2>\n<p class=\"resumo\">Seis cosas: de qu\u00e9 vive el emisor y si cobra en d\u00f3lares, la calificaci\u00f3n vigente, el plazo y la duration, la moneda de pago, la ley aplicable y cu\u00e1nto de tu plata pon\u00e9s en una sola empresa. La tasa m\u00e1s alta de la lista suele ser la de m\u00e1s riesgo.<\/p>\n<ol class=\"steps\"><li><div><b>1. El emisor<\/b><span>Qu\u00e9 hace, cu\u00e1nto factura y si cobra en d\u00f3lares. Est\u00e1 en el prospecto y en los estados contables de la AIF.<\/span><\/div><\/li><li><div><b>2. La calificaci\u00f3n<\/b><span>La nota de una calificadora inscripta en la CNV, con su fecha. Es una opini\u00f3n, no una garant\u00eda.<\/span><\/div><\/li><li><div><b>3. El plazo<\/b><span>Cu\u00e1ndo vence y su duration. Que coincida con cu\u00e1ndo vas a necesitar la plata.<\/span><\/div><\/li><li><div><b>4. La moneda<\/b><span>MEP, cable o d\u00f3lar linked. Eleg\u00ed la que coincide con c\u00f3mo quer\u00e9s cobrar.<\/span><\/div><\/li><li><div><b>5. La ley aplicable<\/b><span>Argentina o extranjera, seg\u00fan el prospecto.<\/span><\/div><\/li><li><div><b>6. El peso en tu cartera<\/b><span>Cu\u00e1nto pon\u00e9s en una sola empresa y en un solo sector.<\/span><\/div><\/li><\/ol>\n<p><b>Un error com\u00fan.<\/b> Mirar solo el cup\u00f3n. Una ON con cup\u00f3n alto, comprada cara en el mercado, puede rendirte menos que otra con cup\u00f3n bajo comprada barata. Lo que se compara es la TIR al precio de hoy, en la misma moneda y para un plazo parecido.<\/p>\n<p><b>Para qui\u00e9n no es.<\/b> Para la plata de los pr\u00f3ximos meses, para quien necesita vender en cualquier momento sin perder y para quien no va a leer qui\u00e9n es el emisor. Para los que no quieren elegir empresas, existen los fondos comunes de renta fija en d\u00f3lares: ver <a href=\"\/wp\/es\/guias\/fondos-comunes-de-inversion-que-son-tipos-y-en-dolares\/\">fondos comunes de inversi\u00f3n<\/a>.<\/p>\n<h2 id=\"s9\">\u00bfON, bono del Tesoro o plazo fijo: cu\u00e1l seg\u00fan tu plazo?<\/h2>\n<p class=\"resumo\">Para meses, el plazo fijo en d\u00f3lares, con tasa fija y sin cambio de precio. Para uno a cuatro a\u00f1os, ON y bonos, que pagan cupones en fechas fijas. Las ON dependen de una empresa; los bonos, del Estado. Combinar las dos reparte el riesgo.<\/p>\n<div class=\"tablewrap\"><table><thead><tr><th><\/th><th>Plazo fijo en d\u00f3lares<\/th><th>Obligaci\u00f3n negociable<\/th><th>Bono del Tesoro<\/th><\/tr><\/thead><tbody><tr><td data-label=\"\"><b>Qui\u00e9n te debe<\/b><\/td><td data-label=\"Plazo fijo en d\u00f3lares\">El banco<\/td><td data-label=\"Obligaci\u00f3n negociable\">Una empresa<\/td><td data-label=\"Bono del Tesoro\">El Estado nacional<\/td><\/tr><tr><td data-label=\"\"><b>Respaldo<\/b><\/td><td data-label=\"Plazo fijo en d\u00f3lares\">Garant\u00eda de dep\u00f3sitos, con tope (Ley 24.485)<\/td><td data-label=\"Obligaci\u00f3n negociable\">La capacidad de pago de la empresa<\/td><td data-label=\"Bono del Tesoro\">La capacidad de pago del Estado<\/td><\/tr><tr><td data-label=\"\"><b>Precio<\/b><\/td><td data-label=\"Plazo fijo en d\u00f3lares\">No se mueve<\/td><td data-label=\"Obligaci\u00f3n negociable\">Se mueve si vend\u00e9s antes<\/td><td data-label=\"Bono del Tesoro\">Se mueve si vend\u00e9s antes<\/td><\/tr><tr><td data-label=\"\"><b>Ejemplo de tasa<\/b><\/td><td data-label=\"Plazo fijo en d\u00f3lares\">4,50% a un a\u00f1o, Banco Naci\u00f3n (02\/11\/2026)<\/td><td data-label=\"Obligaci\u00f3n negociable\">6,00% en YPF Clase XXIX (2024)<\/td><td data-label=\"Bono del Tesoro\">Cup\u00f3n de 0,75% a 5% seg\u00fan el bono, m\u00e1s lo que da el precio<\/td><\/tr><tr><td data-label=\"\"><b>Plazo t\u00edpico<\/b><\/td><td data-label=\"Plazo fijo en d\u00f3lares\">30 d\u00edas a dos a\u00f1os<\/td><td data-label=\"Obligaci\u00f3n negociable\">Uno a cinco a\u00f1os<\/td><td data-label=\"Bono del Tesoro\">Hasta 2030, 2035, 2038 o 2041<\/td><\/tr><\/tbody><\/table><\/div>\n<p class=\"src\">Fuentes: Banco Naci\u00f3n, tabla de tasas del 02\/11\/2026; aviso de resultados de YPF Clase XXIX (mayo de 2024); t\u00e9rminos oficiales de los Bonos Step Up (Ministerio de Econom\u00eda). Tasas de momentos distintos: sirven para ver c\u00f3mo se arma cada una, no para comparar el d\u00eda.<\/p>\n<p><b>Qu\u00e9 significa para el inversor.<\/b> No hay una mejor: hay una para cada plazo. El plazo fijo devuelve exactamente lo prometido. La ON y el bono pagan m\u00e1s a cambio del riesgo del deudor y del movimiento del precio. Los bonos, en <a href=\"\/wp\/es\/guias\/bonos-en-dolares-de-argentina-bonares-globales-explicados\/\">Bonares y Globales explicados<\/a>.<\/p>\n<h2 id=\"s10\">\u00bfQu\u00e9 sigue si quer\u00e9s una cartera en d\u00f3lares ordenada por plazo?<\/h2>\n<p class=\"resumo\">Poner cada parte de tus d\u00f3lares donde coincide con su plazo: la reserva en algo l\u00edquido, la de uno a cuatro a\u00f1os en renta fija como las ON, y la que no vas a tocar en cinco a\u00f1os o m\u00e1s en patrimonio, fuera del sistema financiero.<\/p>\n<p>La ON resuelve la parte de renta de unos pocos a\u00f1os. El resto de la cartera se ordena con estas gu\u00edas.<\/p>\n<p><a href=\"\/wp\/es\/guias\/donde-invertir-dolares-en-argentina-2026-opciones\/\">D\u00f3nde invertir d\u00f3lares en Argentina en 2026<\/a> pone cada opci\u00f3n con su tasa, su plazo y su respaldo, y arma un ejemplo de cartera con US$ 30.000. <a href=\"\/wp\/es\/guias\/renta-en-dolares-todos-los-meses-de-donde-sale\/\">Renta en d\u00f3lares todos los meses<\/a> muestra c\u00f3mo se combinan cupones y alquiler para cobrar algo cada mes. Y para la plata de cinco a\u00f1os o m\u00e1s, <a href=\"\/wp\/es\/guias\/invertir-en-florianopolis-desde-argentina-guia-2026\/\">invertir en Florian\u00f3polis desde Argentina<\/a> cuenta c\u00f3mo se entra a un departamento en pozo pagando el costo de obra, con escritura a tu nombre en Brasil, con la referencia de Ceni &amp; Southier de 20% al a\u00f1o durante la obra.<\/p>\n<h2 id=\"s11\">Antes de comprar una obligaci\u00f3n negociable<\/h2>\n<ul class=\"check\"><li>\u00bfLe\u00edste el aviso de resultados con la tasa, el plazo y las fechas?<\/li><li>\u00bfSab\u00e9s de qu\u00e9 vive la empresa y si cobra en d\u00f3lares?<\/li><li>\u00bfLa ON paga en la moneda en la que quer\u00e9s cobrar?<\/li><li>\u00bfCalculaste la TIR al precio de hoy, no solo el cup\u00f3n?<\/li><li>\u00bfCu\u00e1nto de tu plata queda en una sola empresa?<\/li><\/ul>\n<h2 id=\"s12\">Preguntas frecuentes<\/h2><div class=\"faq\"><details><summary>\u00bfCu\u00e1l es el monto m\u00ednimo para invertir en una ON?<\/summary><p>Lo fija el aviso de cada emisi\u00f3n para el mercado primario. En el secundario se compra desde una l\u00e1mina m\u00ednima, y el piso real lo pone la comisi\u00f3n m\u00ednima de tu agente.<\/p><\/details><details><summary>\u00bfSe puede vender una ON antes del vencimiento?<\/summary><p>S\u00ed, en el mercado, al precio del d\u00eda. Puede estar por encima o por debajo de lo que pagaste, y las ON de poco volumen se venden con m\u00e1s diferencia.<\/p><\/details><details><summary>\u00bfD\u00f3nde veo las ON que se van a emitir?<\/summary><p>En la Autopista de la Informaci\u00f3n Financiera de la CNV, en los avisos de suscripci\u00f3n de cada empresa, y en las listas de licitaciones que publica tu agente.<\/p><\/details><details><summary>\u00bfQu\u00e9 es una ON hard dollar?<\/summary><p>Es la que se integra y se paga en d\u00f3lares, MEP o cable, a diferencia de la d\u00f3lar linked, que se paga en pesos al d\u00f3lar oficial.<\/p><\/details><details><summary>\u00bfLas ON tienen garant\u00eda como un plazo fijo?<\/summary><p>No. La garant\u00eda de dep\u00f3sitos cubre plazos fijos y cajas de ahorro. La ON depende de la capacidad de pago de la empresa y, si la tiene, de la garant\u00eda especial o del aval que diga su prospecto.<\/p><\/details><details><summary>\u00bfQu\u00e9 es la duration de una ON?<\/summary><p>Es el tiempo promedio en que recuper\u00e1s tu plata, contando cupones y capital. En la Clase XXIX de YPF, a 24 meses con capital al final, era 1,90 a\u00f1os.<\/p><\/details><details><summary>\u00bfLas ON de pymes son distintas?<\/summary><p>Siguen la misma ley, pero suelen ser montos chicos y muchas veces llevan el aval de una sociedad de garant\u00eda rec\u00edproca. Su aviso dice qui\u00e9n puede comprarlas.<\/p><\/details><\/div>\n<div class=\"author\"><div class=\"rostos\"><img decoding=\"async\" alt=\"M\u00e1rcio Ceni\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/09\/equipe-marcio-v2.jpg\"\/><img decoding=\"async\" alt=\"Marlene Ceni\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/09\/marlene-v3.jpg\"\/><img decoding=\"async\" alt=\"Pedro Ceni\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/pedro-v8.jpg\"\/><\/div><div><b>Escrito por la familia Ceni \u2014 M\u00e1rcio, Marlene y Pedro<\/b><span>Empresa familiar \u00b7 veinte a\u00f1os construyendo en el Norte de Florian\u00f3polis.<\/span><span class=\"vig\">Vigente a noviembre 2026<\/span><\/div><\/div>\n<div class=\"related\"><h3>M\u00e1s sobre este tema<\/h3><ul class=\"rel\"><li><a href=\"\/wp\/es\/guias\/cedears-que-son-como-comprar-dividendos\/\"><span class=\"ph\"><img decoding=\"async\" alt=\"Florian\u00f3polis, Norte de la Isla\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/capa-cedears.jpg\"\/><\/span><span><span class=\"k\">Gu\u00eda<\/span><b>CEDEARs: qu\u00e9 son, c\u00f3mo se compran y cu\u00e1les pagan dividendos<\/b><\/span><\/a><\/li><li><a href=\"\/wp\/es\/guias\/donde-invertir-dolares-en-argentina-2026-opciones\/\"><span class=\"ph\"><img decoding=\"async\" alt=\"Florian\u00f3polis, Norte de la Isla\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/capa-dondeinvertir.jpg\"\/><\/span><span><span class=\"k\">Gu\u00eda<\/span><b>D\u00f3nde invertir d\u00f3lares en Argentina en 2026: opciones y tasas<\/b><\/span><\/a><\/li><li><a href=\"\/wp\/es\/guias\/fondos-comunes-de-inversion-que-son-tipos-y-en-dolares\/\"><span class=\"ph\"><img decoding=\"async\" alt=\"Florian\u00f3polis, Norte de la Isla\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/capa-fci.jpg\"\/><\/span><span><span class=\"k\">Gu\u00eda<\/span><b>Fondos comunes de inversi\u00f3n: qu\u00e9 son, tipos y en d\u00f3lares (2026)<\/b><\/span><\/a><\/li><\/ul><\/div>\n<\/article>\n<aside>\n<div class=\"ph\"><img decoding=\"async\" alt=\"Maqueta de una f\u00e1brica y de un edificio de oficinas junto a un sobre atado con hilo.\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/capa-obligaciones.jpg\"\/><\/div>\n<div class=\"lado-fixo\">\n<div class=\"lado-wa\">\n<div class=\"rostos\"><img decoding=\"async\" alt=\"\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/09\/equipe-marcio-v2.jpg\"\/><img decoding=\"async\" alt=\"\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/09\/marlene-v3.jpg\"\/><img decoding=\"async\" alt=\"\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/pedro-v8.jpg\"\/><\/div>\n<b>La familia que construye<\/b>\n<p>M\u00e1rcio, Marlene y Pedro: 20 a\u00f1os construyendo en el Norte de la Isla, sin un d\u00eda de atraso.<\/p>\n<div class=\"mini-num\"><div><strong>0<\/strong>retrasos<\/div><div><strong>12<\/strong>obras<\/div><div><strong>+107%<\/strong>L\u00f3tus, US$<\/div><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<section aria-label=\"Segu\u00ed leyendo\" class=\"siguiente on-dark\" id=\"siguiente\">\n<div class=\"wrap\">\n<div class=\"eyebrow\">Segu\u00ed leyendo<\/div>\n<h2>Cuando la decisi\u00f3n se vuelve concreta, estas gu\u00edas tienen los n\u00fameros.<\/h2>\n<p class=\"lead\">Escritas por la familia que construye, con fuente y fecha, para decidir con la cuenta en la mano.<\/p>\n<div class=\"sig-grid\"><a class=\"sig-card rv\" href=\"\/wp\/es\/guias\/plazo-fijo-dolares-o-ladrillo-en-brasil\/\"><span class=\"ph\"><img decoding=\"async\" alt=\"Florian\u00f3polis, Norte de la Isla\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/capa-plazofijo.jpg\"\/><\/span><span class=\"bd\"><b>\u00bfTu plata trabaja o duerme? Plazo fijo, d\u00f3lares en la caja o ladrillo en Brasil<\/b><small>\u00bfTu plata trabaja o duerme? Plazo fijo, d\u00f3lares en la caja o ladrillo en Brasil, con los n\u00fameros.<\/small><em>Leer la gu\u00eda \u2192<\/em><\/span><\/a><a class=\"sig-card rv\" href=\"\/wp\/es\/guias\/invertir-en-florianopolis-desde-argentina-guia-2026\/\"><span class=\"ph\"><img decoding=\"async\" alt=\"Florian\u00f3polis, Norte de la Isla\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/capa-invertir.jpg\"\/><\/span><span class=\"bd\"><b>Invertir en Florian\u00f3polis desde Argentina: gu\u00eda 2026<\/b><small>Cu\u00e1nto se necesita, d\u00f3nde y c\u00f3mo se invierte en Florian\u00f3polis desde Argentina: la gu\u00eda central, paso a paso.<\/small><em>Leer la gu\u00eda \u2192<\/em><\/span><\/a><a class=\"sig-card rv\" href=\"\/wp\/es\/guias\/se-puede-financiar-un-departamento-en-brasil-siendo-argentino\/\"><span class=\"ph\"><img decoding=\"async\" alt=\"Florian\u00f3polis, Norte de la Isla\" loading=\"lazy\" src=\"https:\/\/ceniconstrucoes.com.br\/wp\/wp-content\/uploads\/2026\/10\/capa-financiar.jpg\"\/><\/span><span class=\"bd\"><b>\u00bfSe puede financiar un departamento en Brasil? 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