The Central Bank (BCRA) announced new details of the Bopreal 4that will start placing next Wednesday In search of cleaning part of the stock of pesos that is still trapped by the stockpity for legal persons. The issuance of the first three series of the Bonds for the reconstruction of a free Argentina (Bopreal) was intended to solve a Important Debt of Importers With its suppliers from abroad, in a framework of currency scarcity, but the reality is that little has been achieved here.
The Brepreal and the Commercial Debt
After more than a year since the launch of financial instruments, private commercial debt remains high, which generates a Potential demand for currencies that could not be absorbed by the market. In fact, many importing companies followed the advice of some officials of the Treasury Palace to take credits and make “Carry Trade” and to potter import payments to make rate in pesos.
According to data society data Personal Investment Portfolio (PPI) in December 2024 There was a debt of importers of US $ 53,648 million. When dealing with BCRA data, it is presumed that there is a portion of that debt that may have been resolved by companies by other roads, which have not been to buy dollars A3500.
What will the Bopreal 4 be?
“Now, the Central Bank ratified the issuance of the Bopreal Series 4, this time with the novelty of having set the date of its first tender for June 18. Like the previous series, it will be allocated to entities with commercial debt prior to December 12, 2023 and signatures with external obligations related to debts or dividends prior to 2025, ”says PPI in one of its latest reports.
It indicates that “following the scheme of this program, Successive tenders will be held and according to the official statementthe first auction will take place from next Wednesday. ”
“To be referenced, the debt of the importers fell from a record of US $ 58,800 million at the end of March 2024prior to the issuance of all the Bapreal series, AU $ S53,648 million as of December 2024 (last official data available), ”says the report.
PPI states that “Despite this cut, the commercial debt stock jumped around US $25,500 million since December 2021.”
“It is worth mentioning that, according to the details provided by the report of the Changing market evolution and exchange balance Published monthly by the BCRA, the import debt would have reduced US $ 315 million between January and April. Regarding retained dividends, although there are no official data, it is estimated that au $ 7,000 million arrives, ”says the study.
PPI points out that this Breop Bono Bullet as of October 2028 with an annual coupon of 3% and semiannual payment. “In turn, its subscription will be in pesos at the A3500 exchange rate for adhesion. Finally, it can be used to cancel taxes As in the Strips of the Bopreal Series 1”, Adds the ALYC.
The Issuance will have a contractive collateral effect on the monetary basis ”. “The approved emission amount is US $ 3,000 million. To place the total at a change rate of $ 1,186 the contraction of the monetary base would be $ 3.6 billion,” the stock company estimated.
Depending on the details communicated on Tuesday by the BCRA, Gustavo Neffa, director of Research For Traders, indicated that Bopreal 4 will have a semiannual coupon of 3%, which the title will win on October 31, 2028, “with a strip on September 30, 2025”. Regarding this division in different strips, the operator stated: “One third will be with a rescue option as of April 30, 2028 and two thirds to expiration.” “It is placed at the same time and is tendered by quantity. The offers have to be made on Wednesday 18, from 11 to 15,” Nephfish said.
Source: Ambito
