Argentina's Economy Ministry announced Thursday that it will offer new Treasury liquidity bills called Lelites, an instrument aimed exclusively at mutual funds, according to a statement.
The instrument is non-negotiable and non-transferable and includes a prepayment option of up to 40 percent of the invested balance. This option will be exercised from the business day following the settlement date until two business days before maturity.
Bidding shall be by adhesion. Bidders will know in advance the price and the placement rate. The first auction of Lelites will take place on Thursday, October 14, with an issue term of 21 days.
The new instruments will be offered on the same bidding dates as the rest of the Treasury's marketable debt securities and the term of issuance will be less than 30 days.
"This is another step in the direction of deepening the work we started in December 2019 to rebuild the public debt market in pesos," said Finance Minister Rafael Brigo.
by Silvia Martínez, Bloomberg