There will be a small "additional price" for investors trading Lebac for Letes

The Ministry of Finance reported this afternoon the prices of "Lebacs acceptable for the subscription of Treasury bills (Letes) in dollars due July 26, 2019", which will present tomorrow to offer a alternative in dollars to investors who "leave" the Letters of the Central Bank (Lebac). The idea is that these pesos do not go to the currency market inflating demand and, therefore, driving up the price of the dollar.

Thus, the driving portfolio Nicolás Dujovne detailed that for the 12-day Lebac, expected July 18, he will pay $ 983.28; for the 40 days, due August 15, will pay 946.38; for the 75 days, due on September 19th, will pay 907.29 and finally, for the 103 days, which expires on October 17th, will pay $ 880.17.

The return offered by a security is inversely proportional to the price at which it is sold. Thus, a higher price implies a lower nominal rate. The prices that the government will recognize investors imply rates slightly lower than those of today's close (and, therefore, slightly higher prices). For the shortest Lebac, the difference in performance is 28 basis points (0.28 percentage points); for whoever expires in 40 days, that's 30 basis points; for the 75 days, 27 basis points and for the one that expires on October 17, 75 basis points (that is, the biggest "price" is placed there).

The new Lete will have a term of one year (expires on July 26th) and the bidding will take place tomorrow between 10 and 15.

Although it is not yet detailed, the call for tenders for tomorrow would target a total of US $ 2,000 million and US $ 2,500 million.