He Bond for the Reconstruction of a Free Argentina (Bopreal) with which the government of Javier Milei hopes to solve the large debt of Argentine importers with their suppliers has been on the market for a month.
The tenders for the same showed a heterogeneous appetite for the instrument that is subscribed in Argentine pesos, but is canceled in dollars in 2027, with large placements by multinational companies such as toyota.
The government had to carry out five tenders to place the 5,000 million Argentine pesos of Series 1 on the market, which marked a slower pace than expected when the Minister of Economy, Luis Caputoannounced the bond to finance the 42.6 billion dollars owed by importers in Argentinasubject in recent years to the restrictive foreign exchange access policies of the Kirchnerism.
The Bopreal awarded 904 million dollars in their last tender of the Series. He Central Bank of the Argentine Republic (BCRA) announced the schedule for Series 2 and 3. The first of them will be next week and will continue with weekly bidding until the maximum amount of 2,000 million dollars is covered. Something similar will happen with Series 3, this one with a maximum amount of 3,000 million dollars.
There is still no data on the number of Uruguayan exporters that have agreed to the commitment to cancel debts since Argentina.
On the contrary, the scenario continues to be one of uncertainty when Bopreal has not yet generated great confidence in the market. Furthermore, as highlighted from the Chamber of Industries of Uruguay (CIU)the bond rests on a speculation scenario: that the BCRA has the dollars at the time when importers must access them.
The estimated debt figure with Uruguayan exporters and industrialists is at least 100 million dollars, although both the CIU and the Union of Exporters of Uruguay (UEU) They clarify that it is an estimate. Both seek to create a registry of affected companies.
One piece of information that may set off alarm bells in the Uruguayan export sector is that, according to Argentine analysts, the BCRA is only going to end up paying about US$1.5 billion with dollars, that is, 30% of the total debt of importers. Argentine pesos, while 70% will do so in Argentine pesos.
This is because one of the benefits of Bopreal is that it can be used to cancel tax debts. The Federal Public Revenue Administration (AFIP) You must accept them at market value.
Source: Ambito
