The Ministry of Finance announced this Monday a new call for tender for debt in pesos for September 11, which includes six Lecaps and three CER bonds. In the case of the Lecaps, one of the cases is a reopening while the rest are new. Meanwhile, the Boncers are all reopenings.
The placement that will take place this Wednesday the portfolio that leads Luis Caputo will include in detail the following instruments:
a. NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON DECEMBER 13, 2024 (S13D4 – reopening);
b. NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON FEBRUARY 14, 2025 (S14F5 – new);
c. NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING MARCH 14, 2025 (S14M5 – new);
d. NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON APRIL 16, 2025 (S16A5 – new);
e. NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON MAY 16, 2025 (S16Y5 – new);
f. NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON SEPTEMBER 12, 2025 (S12S5 – new);
g. NATIONAL TREASURY BOND IN ZERO PESOS COUPON WITH CER ADJUSTMENT MATURITY MARCH 31, 2025 (TZXM5 – reopening);
h. ZERO COUPON NATIONAL TREASURY BOND IN PESOS WITH ADJUSTMENT BY CER MATURITY MARCH 31, 2026 (TZXM6 – reopening); and
i. NATIONAL TREASURY BOND IN ZERO PESOS COUPON WITH CER ADJUSTMENT MATURITY MARCH 31, 2027 (TZXM7 – reopening);
Reception of bids for all instruments will begin at 10:00 a.m. and end at 3:00 p.m. on Wednesday, September 11, 2024 (T).
The tender for the detailed instruments In the case of points b), c), d), e) and f), the tender will be carried out by indicating the effective monthly rate. For the instruments indicated in points a), g), h) and i), the tender will be carried out by indicating the reopening price, with no minimum or maximum price.
For the submission of bids for these instruments, there will be two stages: one non-competitive and one competitive.
How offers for non-competitive sections will be received
In the non-competitive sections Only the amounts of VNO to be subscribed must be recorded and will be intended for natural or legal persons who, due to their characteristics, do not have the necessary specialization to carry out an evaluation of the financial conditions of the tender and require the advice of a specialized entity.
Mutual Funds, Public Funds, insurance companies, depositaries, or any other financial entity that due to its characteristics is an entity related to the financial market, are excluded from the non-competitive section and are considered specialized agents.
Entities that upload offers in these non-competitive sections may only place one order per Client’s CUIL or CUIT, only one offer per investor will be accepted and it must be less than or equal to an amount of VNO $50,000,000, with only the amount to be subscribed to being recorded.
How competitive section bids will be received
The offers presented in the competitive section must meet the following criteria:
• in the case of the LECAPs of points b), c), d), e) and f) they must indicate the amount of the VNO to be subscribed, which must be greater than VNO $ 50,000,000 and the effective monthly rate that will capitalize these instruments as a percentage number with two decimals in increments of 0.01 decimals,
• In the case of the LECAP in point a), they must indicate the amount of the VNO to be subscribed, which must be greater than VNO $50,000,000 and the reopening price in pesos for each VNO $1,000 with two decimal places.
• In the case of BONCER, they must indicate the amount of the VNO to be subscribed, which must be greater than VNO $50,000,000 and the reopening price in pesos for each VNO $1,000 with two decimal places.
The competitive tranches will be intended for: i) natural or legal persons for amounts greater than VNO $50,000,000, and ii) any other type of investor, who due to their characteristics was excluded from the non-competitive tranche, with a minimum offer of VNO $1,000,000, and will not have a limitation on the maximum amount to be offered.
Who can participate in the subscriptions?
Interested individuals or legal entities may participate in LECAP and BONCER subscriptions, and for these purposes must direct their expressions of interest in a timely manner through the settlement and clearing agents (integral and own) and negotiation agents registered with the CNV.
Settlement of the bids received and awarded will take place on Friday, September 13, 2024 (T+2).
The tender for the placement of instruments, It will be carried out in accordance with the procedures approved by Joint Resolution of the Ministry of Finance and the Ministry of Treasury No. 9/2019.
Source: Ambito
