The Ministry of Finance announced a New tender for debt in pesos This Monday, the last of the month, which includes 3 new Lecaps, one reopening, and 4 bonds (two adjusted by CER and two dollar linked).
The ceremony, which will take place on Wednesday, will include the following instruments:
1) Instruments denominated in pesos:
- NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON NOVEMBER 11, 2024 (S11N4 – new);
- NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON FEBRUARY 28, 2025 (S28F5 – reopening);
- NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON JUNE 30, 2025 (S30J5 – new);
- NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS MATURING ON AUGUST 29, 2025 (S29G5 – new);
- NATIONAL TREASURY BOND IN ZERO PESOS COUPON WITH CER ADJUSTMENT MATURITY DECEMBER 15, 2026 (TZXD6 – reopening);
- NATIONAL TREASURY BOND IN ZERO PESOS COUPON WITH CER ADJUSTMENT MATURITY DECEMBER 15, 2027 (TZXD7 – reopening);
2) Instruments denominated in US dollars:
- US DOLLAR LINKED NATIONAL TREASURY BOND 0.50% MATURING MARCH 31, 2025 (TV25 – reopening); and
- US DOLLAR LINKED ZERO COUPON NATIONAL TREASURY BOND MATURING JUNE 30, 2025 (TZV25 – reopening).
According to the official statement, the reception of bids for all instruments will begin at 10:00 a.m. and end at 3:00 p.m. on Wednesday, August 28, 2024 (T).
The tender for the detailed instruments will be carried out, in the case of points a., c. and d., by means of indication of the monthly effective rate. For the instruments indicated in points b., e., f., g. and h. the tender will be by reopening price indication, 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.
In the non-competitive sections Only the amounts of VNO to be subscribed must be recorded and will be intended for individuals or legal entities that, due to their characteristics, do not have the necessary specialization to carry out an assessment of the financial conditions of the tender and require the advice of a specialized entity.
The Mutual Funds, Public Fundsinsurance companies, depositaries, or any other financial entity that by 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 make one order per CUIL or CUIT of Clients, only one offer per investor will be accepted and it must be less than or equal to an amount of VNO $ 50,000,000for instruments denominated in pesos, and less than or equal to an amount of VNO USD 50,000, for instruments denominated in US dollars, only the amount to be subscribed must be recorded.
The offers presented in the competitive section must meet the following criteria:
- In the case of the LECAPs of points a., c. and d., 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 of point b., 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 the BONCER, 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 the DOLLAR LINKED BONDS, must indicate the amount of the VNO to be subscribed in US dollars, which must be greater than VNO USD 50,000 and the price in US dollars for each VNO USD 1,000 with two decimals.
The competitive sections They will be aimed at: i) natural or legal persons for amounts greater than VNO $ 50,000,000 for instruments denominated in pesos and VNO USD 50,000 for instruments denominated in US dollars, and ii) any other type of investor, who due to their characteristics was excluded from the non-competitive section, with a minimum offer of VNO $ 1,000,000 for instruments in pesos and VNO USD 1,000 for instruments denominated in US dollars and will not have a limitation on the maximum amount to be offered.
Those who will be able to participate in the LECAP, BONCER and BONO DÓLAR LINKED subscriptions will be: interested individuals or legal entities, and for these purposes they must direct their expressions of interest in a timely manner through settlement and clearing agents (integral and own) and trading agents registered with the CNV.
The Settlement of the offers received and awarded will take place on Friday, August 30, 2024 (T+2).
Source: Ambito
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