Press Release 50915: LEBAC Bill Auction Press Release
LEBAC bills in pesos were put up for Dutch auction (single price) on July 17, 2018.1
Bids amounted to ARS399,216 million (face value), out of which ARS393,862 million (face value) were awarded. This stands for a partial renewal of LEBAC bills upon maturity for ARS529,321 million (face value) and a fall in outstanding stock of ARS135,459 million (face value). Part of this partial renewal is accounted for by the impact of higher reserve requirements to cover the system’s need for liquidity.
Cut-off yields stood at 46.5% for 28 days, 45% for 63 days, 43.75% for 91 days, and 42.35% for 126 days.
Given that this auction is settled on the following day, the absorption or expansion that may take tomorrow resulting from repos, liquidity bills (LELIQ) and LEBAC transactions on the secondary market shall be added to assess the monetary effect.
LEBAC Bills Auction Result. July 17, 2018
| Term | Amount Offered* | Amount Awarded* | Cut-off Rate |
| Aug-28 days | 335,501 | 330,794 | 46.50% |
| Sep-63 days | 36,891 | 36,844 | 45.00% |
| Oct-91 days | 20,235 | 19,835 | 43.75% |
| Nov-126 days | 6,589 | 6,389 | 42.35% |
*Amounts represented in face value (millions of pesos)
Bill Auction – August 18 – 28-day term
Total Result
| Total amount offered (ARS) | 335,501,489,000 |
| Total awarded (ARS) | 330,794,389,000 |
| Bids rejected (ARS) | 4,707,100,000 |
| Price range | From 96,2% to 100% |
| Closing price | 96.5557% |
| Implicit interest rate | 46.5005% |
Competitive tranche
| Number of bids | 307 |
| Amount offered (ARS) | 265,210,700,000 |
| Amount accepted (ARS) | 260,503,600,000 |
Non-competitive tranche
| Number of bids | 55,856 |
| Amount offered (ARS) | 70,290,789,000 |
| Legal persons (ARS) | 23,507,525,000 |
| Natural persons (ARS) | 46,783,264,000 |
| Amount accepted (ARS) | 70,290,789,000 |
Date of issue: November 15, 2017
Date of settlement: July 18, 2018
Date of maturity: August 15, 2018
Settlement agent: CRYL
CRYL code: 46829
Series: DOMESTIC
Bill Auction – Sep 18 – 63-day term
Total Result
Competitive tranche
| Increase in the amount auctioned (ARS) | 36,843,643,000 |
| Total amount offered (ARS) | 36,891,043,000 |
| Total awarded (ARS) | 36,843,643,000 |
| Bids rejected (ARS) | 47,400,000 |
| Price range | Between 92,5777% and 100% |
| Closing price | 92.7927% |
| Implicit interest rate | 44.9999% |
| Number of bids | 77 |
| Amount offered (ARS) | 31,660,600,000 |
| Amount accepted (ARS) | 31,613,200,000 |
Non-competitive tranche
| Number of bids | 6,577 |
| Amount offered (ARS) | 5,230,443,000 |
| Legal persons (ARS) | 1,831,341,000 |
| Natural persons (ARS) | 3,399,102,000 |
| Amount accepted (ARS) | 5,230,443,000 |
Date of issue: December 20, 2017
Date of settlement: July 18, 2018
Date of maturity: September 19, 2018
Settlement agent: CRYL
CRYL code: 46830
Series: DOMESTIC
Bill Auction – Oct 18 – 91-day term
Total Result
| Total amount offered (ARS) | 20.234.759.000 |
| Total awarded (ARS) | 19,834,759,000 |
| Bids rejected (ARS) | 400,000,000 |
| Price range | Between 88,9161% and 93,041% |
| Closing price | 90.1650% |
| Implicit interest rate | 43.7510% |
Competitive tranche
| Number of bids | 54 |
| Amount offered (ARS) | 18,466,600,000 |
| Amount accepted (ARS) | 18,066,600,000 |
Non-competitive tranche
| Number of bids | 2,194 |
| Amount offered (ARS) | 1,768,159,000 |
| Legal persons (ARS) | 807,191,000 |
| Natural persons (ARS) | 960,968,000 |
| Amount accepted (ARS) | 1,768,159,000 |
Date of issue: January 17, 2018
Date of settlement: July 18, 2018
Date of maturity: October 17, 2018
Settlement agent: CRYL
CRYL code: 46831
Series: DOMESTIC
Bill Auction – Nov 18 – 126-day term
Total Result
| Total amount offered (ARS) | 6,589,076,000 |
| Total awarded (ARS) | 6,389,076,000 |
| Bids rejected (ARS) | 200,000,000 |
| Price range | Between 86,0403% and 90,6157% |
| Closing price | 87.2452% |
| Implicit interest rate | 42.3501% |
Competitive tranche
| Number of bids | 20 |
| Amount offered (ARS) | 5,566,800,000 |
| Amount accepted (ARS) | 5,366,800,000 |
Non-competitive tranche
| Number of bids | 1,971 |
| Amount offered (ARS) | 1,022,276,000 |
| Legal persons (ARS) | 456,379,000 |
| Natural persons (ARS) | 565,897,000 |
| Amount accepted (ARS) | 1,022,276,000 |
Date of issue: February 21, 2018
Date of settlement: July 18, 2018
Date of maturity: November 21, 2018
Settlement agent: CRYL
CRYL code: 46832
Series: DOMESTIC
For further information on LEBAC auctions, visit the BCRA’s website.
