The Central Bank stressed that these bonds represent an organized solution to the crisis derived from the debts accumulated by importers.
The total issuance amount will be restricted by the Central Bank’s ability to commit foreign currency in the short term, using information from the Register of Foreign Commercial Debts to determine the maximum amount available.
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The Central Bank of the Argentine Republic announced the issuance of the Bonds for the Reconstruction of a Free Argentina (Bopreal), intended to settle the outstanding debt with the country’s importers. These bonuses will be deployed in three different seriesoffering alternatives to adapt to the different needs of importers.
According to the official statement from the Central Bank, it is planned to offer a diversified set of instruments, recognizing the difficulty of offering a single solution for all importers in the short term. The three instruments will be denominated in dollars and will be payable in the same currency. In addition, the possibility of acquiring them in pesos will be established through a technical exchange ticket for the acquisition of foreign currency.
Bopreal: when are they available
Series 1 of the Bopreal, which will be offered starting this Tuesday, December 26, will have an expiration date set for October 31, 2027. This instrument, characterized by being long-term and the one that best protects the Central Bank’s reserves, will be designed to attract mainly large importing companies. The objective is to free up the availability of shorter-term securities for other importers who cannot access this instrument.
In total, there are 30 thousand CUITs enabled by foreign trade operators (both importers and exporters) according to Customs-AFIP data.
In total, there are 30 thousand CUITs enabled by foreign trade operators (both importers and exporters) according to Customs-AFIP data.
With an annual interest rate of 5%, Series 1 and the other two series will be paid in dollars, both principal and interest. Starting March 1, 2024, Series 1 will be split into four independent series, maintaining the conditions of the original bonus and offering additional benefits in three of the four series.
Bopreral series 2 and 3
Series 2, due June 30, 2025, It will not generate interest and will contemplate the return of the principal in 12 monthly installments starting in July 2024.
The total issuance amount will be restricted by the Central Bank’s ability to commit foreign currency in the short term, using information from the Register of Foreign Commercial Debts to determine the maximum amount available.
Series 3, maturing on May 31, 2026 and with an interest rate of 3%, will be amortized in three consecutive quarterly installments, the first of which will be in November 2025. As with Series 2, the available amount will be limited by the availability of foreign currency and similar information from the Register of Foreign Commercial Debts will be used.
Series 3 will be negotiable on the secondary market, unlike Series 2, which will not be enabled for this modality, although it will be transferable to third parties, such as foreign suppliers or financial entities.
The Central Bank stressed that these bonds represent an organized solution to the crisis derived from the debts accumulated by importers, offering a structured form of payment to resolve external commercial obligations. These instruments will allow importers to use their liquidity in pesos to meet their commitments abroad, receiving in exchange a stable flow of foreign currency from the Central Bank.
Source: Ambito
