On a day in which the official dollar reached $ 1,240, the Central Bank was able to place a very low figure if compared to the first call of the tender, when it negotiated more than US $ 800 million.
He Central Bank (BCRA) He placed this Wednesday Just U $ 26 million Nominal value in the second tender of series 4 of the Bonds for the reconstruction of a free Argentina (Bopreal).
“The total amount awarded from series 4 to date is US $ 836 million. This new series, whose last auction will be held on Wednesday, July 16, was designed as a key complement within the flowing process of flow and standardization of the exchange regime promoted in phase 3 of the economic program, initiated on April 11, “said the BCRA.
The entity that directs Santiago Bausili indicated that, through its different series, “the Bopreal has fulfilled its central objective to provide a solution that allows companies to preserve their productive cyclesreducing debt balances with the outside, and at the same time decreasing significantly the inherited exchange imbalances. “
The operation was carried out in a day in which the value of the official exchange rate reached the highest point during the government of Javier Milei: $ 1,245. In the market it is linked to this rise with the under interest that aroused the dollar title issued by the BCRA.
The title began to quote Tuesday in secondary markets and closed at a value of US $ 83, which left a 9.25% yield for a 3 -year duration.
Some compare it with the Al30 that, despite having a farther expiration, includes a 2 -year duration and yields 12.75%, since he began to return strong capital, while the Bopreal pays everything at the end.
It is speculated that at some point The Central Bank and the Treasury will have to arbitrate with the other. Or the Bopreal Rate, or that of the sovereigns fall. In the short term, Bono could go looking for the sovereign curve, especially thinking that they tendered companies to get dollars abroad. But in the median, they probably both converge at lower rates, about 8%.
It is to remember that the emissions of Bopreal aim to decompress the commercial debt of companies abroad. According to BCRA data at the end of 2024 they added about US $ 50,000 million, although the final amount can be low because some manage to make agreements with their creditors that are not registered.
Source: Ambito
