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BCRA resumes BOPREAL tenders and analyzes issuing bonds so that companies pay dividends

BCRA resumes BOPREAL tenders and analyzes issuing bonds so that companies pay dividends

As Ámbito anticipated, The Central Bank will resume the BOPREAL tenders this Wednesday. This Monday he launched the call for the sixth auction of the series 3 of the title in dollars, intended for importers with commercial debts prior to the change in management. Furthermore, the entity chaired by Santiago Bausili study the possibility of launch a new seriesbut this time intended for companies to channel the remittances of profits and dividends To the exterior. It is something that has already begun to be discussed with potential interested parties.

The new version of BOPREAL would aim to channel the potential demand for foreign currency facing the future lifting of the stocks exchange through a channel other than that of the debt trade for imports. These are companies that, due to current restrictions on access to the official dollar, were unable to generate profits and dividends in recent years.

This was reported by the Bloomberg agency. Although official BCRA sources declined to comment on the matter, Ámbito was able to know that the measure is actually being discussed.

He BOPREAL It is a bond in dollars that is subscribed in pesos that is issued by the Central and that until now was used to “order” the payments of the liabilities that importers had with their suppliers abroad, inherited from the past management (for around US$ s50,000 million). Although the tool also had other objectives: to extract pesos from the economy, dollarize a portion of the BCRA’s remunerated liabilities and help contain the exchange gap. However, the restrictions to cancel new imports caused the commercial debt to continue to rise and add another US$9.4 billion only in the first three months of the current government.

The new series under analysis would point, if confirmed, to another avenue of potential demand for foreign currency when the exchange rate opens. According to private estimates, Companies could demand between US$3,000 million and US$7,000 million to generate profits and dividends. Although to know the precise number, the preparation of a register similar to the one that was carried out for commercial liabilities may be required. The truth is that it remains to be seen if companies are actually interested in taking a bond to issue dividends in the future instead of waiting for the restrictions to be removed.

It happens that the Government has been postponing the definitions on the opening of the stocks because it wants to avoid the process from having any surprises. With few net international reserves (despite the BCRA’s purchasing cycle) and potential demand currently contained by exchange control (despite the strong liquefaction of the economy’s pesos), the fear of Javier Milei and Luis Caputo is that they will not be able to face a possible bullfight. For this reason, the economic team wants to cover the different variables that could put pressure on the dollar when restrictions are removed to try to prevent inflation from overheating.

BOPREAL: tenders resume

For now, this week the BCRA will resume the tenders for the bonus for importers. This Wednesday and Thursday the sixth placement of series 3 will take place, as Ámbito advanced. Last week it had interrupted the auction process: given the low demand that this series has been receiving from companies with commercial liabilities, the monetary authority began to hold them more spaced out.

Unlike the first two series, the third garnered little interest in the first five tenders: In two months of auctions, it barely channeled US$1,083 million of the US$3,000 million set by the Central. That is why the limit that can be placed in this next operation is US$1,917 million. In the last one, it only captured US$100 million.

In series 1 and series 2, the BCRA exhausted two quotas of US$5,000 million and US$2,000 million. For the third, a target amount of US$3 billion was set, but in five tenders it barely achieved a third of what was scheduled.

It is that the series 3 features They make it less attractive than the previous ones for importers. The bonds of this series are authorized for transfer and negotiation in the secondary market, they accrue interest in dollars at a nominal annual rate of 3% and are amortized in three quarterly installments, from November 2025 to May 2026. But there are two factors of its structure that works against it: on the one hand, it has longer amortization periods than series 2 (which has received foreign exchange flow since the middle of this year) and, on the other, it does not include the tax benefits that the first had ( that did not pay PAIS tax and can be used to cancel obligations with the AFIP).

Another factor that made it less attractive was the compression of the exchange gapwhich made it eventually more convenient for importers to leave the official market and buy cash with settlement (CCL) to settle their debts rather than subscribe to series 3 of the BOPREAL and download the title in the secondary market, according to some analysts.

Source: Ambito

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