LECAP Call for Bids

LECAP Call for Bids
LECAP Call for Bids

In this call for bids, the Ministry of Finance offers a combination of National Treasury instruments detailed below:

to. CAPITALIZABLE NATIONAL TREASURY BILL IN PESOS WITH MATURITY ON JUNE 14, 2024 (S14J4 – reopening);

b. CAPITALIZABLE NATIONAL TREASURY BILL IN PESOS WITH MATURITY JULY 12, 2024 (S12L4 – new); and

c. NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS WITH MATURITY AUGUST 16, 2024 (S16G4 – new).

Receipt of offers for all instruments It will begin at 10:00 a.m. and end at 3:00 p.m. on Wednesday, May 29, 2024 (T).

The tender for detailed instruments will be carried out, in the case of point a., by indicating the reopening price, with a maximum price of $1,013.81 for each VNO $1,000, consistent with a minimum monthly discount rate of 4.20%, and in the case of points b. and c., by indicating the monthly effective rate without maximums or minimums, with a placement price of $1,000.00 for each VNO $1,000.
For the presentation of offers for these instruments, there will be two sections: one competitive and the other non-competitive. The offers presented in the competitive sectionsmust follow the following criteria:

  • In the case of point a., they must indicate the amount of the VNO to be subscribed and the reopening price for each VNO $1,000, which may not exceed $1,013.81;

  • in the case of points b. and c., must indicate the amount of the VNO to be subscribed and the effective monthly rate that this instrument will capitalize as a percentage number with two decimal places in increments of 0.01 decimal places.

The “competitive section” will be intended for natural or legal persons and all other types of investors, for amounts greater than NOV $50,000,000 and there will be no limitation on the amount to be offered.

In the “non-competitive section” only the amount of VNO to be subscribed must be entered 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. Common Investment 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 this section may only place one order per CUIL or CUIT of Clients for amounts less than or equal to VNO $50,000,000.

The interested human or legal persons must, for these purposes, 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.

Below are the prices and amounts to be placed for the Letters:

Instruments to Tender Due date Parameter to be tendered Placement price for each VNO $ 1,000 Maximum Amount to Place
NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS WITH MATURITY JUNE 14, 2024 (S14J4 – reopening) 06/14/2024 Price It will be determined in the tender, with a maximum price of $1,013.81 $1.5 billion
NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS WITH MATURITY JULY 12, 2024 (S12L4 – new) 07/12/2024 Rate will be determined in the tender $1,000.00 $1 billion
NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS WITH MATURITY AUGUST 16, 2024 (S16G4 – new) 08/16/2024 Rate will be determined in the tender $1,000.00 $1 billion

The settlement of the offers received and awarded will be made on the day Friday, May 31, 2024 (T+2).

Details of the instruments to be tendered:

NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS WITH MATURITY JUNE 14, 2024 (S14J4 – reopening)
Original issue date May 20, 2024
Reopening date May 31, 2024
Due date June 14, 2024
Remaining term 14 days
Issuance, subscription and payment currency Pesos
Reopening price It will be determined in the tender, with a maximum price of $1,013.81
Amortization Full upon maturity
Interests You will pay a monthly effective rate compounded monthly until the maturity of the instrument with a 30/360 calculation basis.
Monthly effective rate 4.2%
Minimum denomination VNO$1
Negotiation OPEN ELECTRONIC MARKET (MAE) and in stock exchanges and stock markets in the country
Applicable law Law of the ARGENTINE REPUBLIC
NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS WITH MATURITY JULY 12, 2024 (S12L4 – new)
Date of issue May 31, 2024
Due date July 12, 2024
Term 42 days
Issuance, subscription and payment currency Pesos
Placement price $1,000 for each VNO $1,000
Amortization Full upon maturity
Interests You will pay a monthly effective rate compounded monthly until the maturity of the instrument with a 30/360 calculation basis.
Monthly effective rate It will be determined in the tender
Minimum denomination VNO$1
Negotiation OPEN ELECTRONIC MARKET (MAE) and in stock exchanges and stock markets in the country
Applicable law Law of the ARGENTINE REPUBLIC
NATIONAL TREASURY BILL CAPITALIZABLE IN PESOS WITH MATURITY AUGUST 16, 2024 (S16G4 – new)
Date of issue May 31, 2024
Due date August 16, 2024
Term 77 days
Issuance, subscription and payment currency Pesos
Placement price $1,000 for each VNO $1,000
Amortization Full upon maturity
Interests You will pay a monthly effective rate compounded monthly until the maturity of the instrument with a 30/360 calculation basis.
Monthly effective rate It will be determined in the tender
Minimum denomination VNO$1
Negotiation OPEN ELECTRONIC MARKET (MAE) and in stock exchanges and stock markets in the country
Applicable law Law of the ARGENTINE REPUBLIC

Below are further details of the tender:

DETAILS OF THE TENDER NOT CONTAINED IN JOINT RESOLUTION 9/2019
commissions No commissions will be paid.
Settlement date May 31, 2024 (T+2)
Minimum/maximum offer competitive section The competitive section will have a minimum offer of NOV $50,000,001 for individuals and legal entities, the latter that are not related to the financial market. For the rest of the investors there will be no amount limit.
Minimum/maximum offer non-competitive section The non-competitive section will have a minimum offer of NOV $10,000, any higher amount must be a multiple of NOV $1. The offers presented may not exceed the amount of NOV $50,000,000 per investor.
The non-competitive section 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. Common Investment Funds, Public Funds, or any other 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 this section may only place one order per CUIL or CUIT of Clients.
Only one offer per investor will be accepted. In the event that an investor in the non-competitive section submits more than one offer, the one entered second will be automatically deregistered. The entities that present the offers must ensure compliance with this condition.
VNO amounts to be tendered: LECAP 06/14/2024: Up to $1.5 billion.
LECAP 07/12/2024: Up to $1 billion.
LECAP 08/16/2024: Up to $1 billion.
 
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