The difference is due one of the “sweeteners” that the financial instrument has. It is the possibility of pay debts with the Federal Administration of Public Revenues (AFIP). Should the holders make use of this option, the collecting agency will have to receive them at market value.
Javier Casabal, head of Research at Adcap Grupo Financieropoints out that “the importers lost the fear of illiquidity of this new bonus and todayand tips are between US$63 and US$68, “That help provide certainty of the final exchange rate at which they will be able to pay off their debt.”
The analyst suggests that at the price US$63 is equivalent to a value of $1,300 for every dollar. “It is worth remembering that 70% of the BOPREAL issuance should probably be used to pay taxes between April 2025 and April 2027”says Casabal.
The analyst also considers that ““suggests that the Central Bank will be effectively responsible for paying 30% of the issue upon maturity in October 2027.”which in your understanding “significantly reduces the risk of non-paymentwhile imposing little pressure on reserves.”
The The first series of BOPREAL was completed this Wednesday, for a total of US$5,000 million. This section allows importers pay taxes in April 2025, in 2026 and in 2027. In these cases, the AFIP receives the securities at market value. They also have the alternative of an early rescue, in pesos, but in that case the Central Bank takes them at the official exchange rate, if there is no exchange rate unification.
Personal Investment Portfolio (PPI) says in a report that the major interest that there is today from importers for this title is due to its implicit dollar value, which is somewhat lower than the Cash with Settlement.
“In our opinion, for importing companies this aspect was the most relevant when making the decision whether or not to enter BOPREAL,” says the stock exchange company.
In that sense, he considers that “there will be downward pressure, but that is something that “It will naturally be cleaned up as the weeks/months go by as interest in tax application appears.”
“As the investor “You are not obliged to sell it within a certain period, time is in your favor, since you can keep it in position and wait for a good sales timing.”indicates in PPI.
Importers’ debt
BOPREAL was born as a financial instrument to help importers resolve their debts accumulated during the past year. On January 25, 2024, the Ministry of Economy released the results of the Commercial Debt Register for imports with Foreign Suppliers in a joint statement with the BCRA.
The Register recorded a total of net debts of US$42.6 billion, after discounting nearly US$8.5 billion that were declared canceled without access to the exchange market. Such measurement reflects the debts declared as of December 12, 2023, prior to the start of the current management of the National Executive.
The security, in other words, represents a promise to pay dollars over a 3-year period. With this instrument, dFrom the point of view of the Central Bank, the financial problem is solved, What it means to not have all the dollars that importers demand now. But Almost no foreign supplier accepts BOPREALES as a payment method to cancel debt.
The company that buys one of these bonds, in short, can use the option of paying taxes, which is the most attractive, request an advance payment at the official exchange rate and maintain them until the end. Meanwhile, you will have to find dollars in the CCL to pay your creditor abroad.
Source: Ambito
