Until now The BCRA awarded 31% in three previous calls. Last Thursday they negotiated US$1,179 million, but 90% of them correspond only to the automotive company Toyota It must be taken into account that the AFIP’s commercial debt register already records commitments for US$26,000 million.
In the previous tender, only US$118 million would have been negotiated outside of what Toyota did. That compares against the average US$58 million of the two previous calls. The element that began to play in favor of the bond in the last hours is the rise in the gaps against the Cash with Settlement (CCL).
Among the agents Underwriters maintain that the way BOPREAL is designed seems to be aimed at large companies who have debts with their parent companies. Those who can endure it until the end charge dollars plus 5%.
In the case of the series that is currently being placed, It is subdivided into 4 versions, the first three provide for early redemption to pay taxes and are settled in pesos, something that could be of interest to an SME.
An SME can purchase BOPREAL before January 31 and avoid the COUNTRY tax. Then you would have to go out to the secondary market to sell to obtain the dollars, while the rest would have to be obtained through Cash with Settlement (CCL).
Juan Pedro Mazza, fixed income strategist at Cohen, warns that to take into account the convenience of subscribing to these bonds you must know their parity.. “Unfortunately there is no secondary market,” she explained in a talk with companies. There were some testimonial operations of about US$5,000 with peaks of between US$66 and US$80, which is “a giant margin.”
The market valuation of these securitiess is estimated based on 51% hard dollar and 49% linked dollar. This is because in case of early redemption the bonus is paid in pesos. Therefore, it is estimated that the price depends on how other similar bonds fare. Mazza assumes that as the curves are at the moment, a BOPREAL would be worth 67%.
That represents a market dollar price of US$1.220. If a company entered into the bond to settle a debt, one of the sweeteners it has is that it could buy 5% of it in the official. Of what remains, the 67% are at parity and 33% are allowed another “sweetener”, to enter the CCL. Today that would leave a price of $1,183.8 per dollar. If compared against the CCL, which is located at $1,234, today it is convenient for you to enter the bonus. The company you are buying now will have year-round access to the Single and Free Exchange Market (MULC). Starting in April you will also be able to enter the financial market.
The list of debtors grows
The Secretary of Commerce reported on Tuesday that the registered debt of Argentine importers with their suppliers abroad amounted to US$26 billion.
In a statement, it was reported that the amount is made up of $20.5 billion from large companies; $2.8 billion from medium-sized companies; and 2.7 billion dollars from small and micro businesses.
In addition, it was indicated that of the 26 billion dollars, 2.9 billion dollars have already been paid, so that the final amount of money owed reaches 23.1 billion dollars.
In this way, the government is managing to collect “information on the commercial debt of importers” through the special registry created for this purpose.
Source: Ambito
