Argentina postponed the fifth tender of the Series 3 of the Bonds for the Reconstruction of a Free Argentina (Bopreal)the tool that the government of the neighboring country implemented to settle the enormous debt that importers have with the companies and producers with whom they trade, for example, in Uruguay. Meanwhile, debt owed to Uruguayan exporters remains a central concern.
The results of the Bopreal are not what was expected or, at least, what was projected when it was announced as the solution to one of the problems generated by the currency restriction in the neighboring country. After a poor performance in the first four tenders, and in view of the fact that the fifth was not having a great reception, the Central Bank of the Argentine Republic (BCRA) decided to postpone the operation until Wednesday and Thursday of next week.
The official explanation points out the difficulties of the short week—in the neighboring country there is an extra long weekend starting with the holidays. Easter and the Veteran’s Day and those who fell in the Falklands War, which is commemorated on April 2. But the truth is that the four previous auctions of Series 3 of Bopreal, barely less than a third of the 3,000 million dollars scheduled were placed. The specific figure is 981 million dollars.
In fact, in the last of these tenders, the amount placed was 89 million dollars, accounting for the obvious lack of appetite of importers by this financial instrument, from less attractive conditions than those of the previous series, which were placed in their entirety, with 5,000 million dollars for Series 1 and 2,000 million for the second.
Among the negative factors for Series 3, they stand out amortization periods longer than the previous series—three quarterly installments were set from November 2025 to May 2026—; as well as the non-inclusion of the fiscal benefits that the first had, such as the exemption from the PAIS tax and the possibility of using the bonus to pay off obligations with the AFIP.
Everything indicates that, despite its postponement, the objective of this third series will not be met.
Concern grows in Uruguay
Meanwhile, in Uruguay Exporters look with concern at the meager progress of the Bopreal that, despite the Argentine government’s lack of concern, it was thought and presented as an important piece in its economic strategy; and as a fundamental element to settle the commercial debt of importers from the neighboring country.
It is that, according to the estimates of the Union of Exporters of Uruguay (UEU), Argentina’s debt with exporters already amounts to 200 million dollars. At the end of February, meanwhile, the Chamber of Industries of Uruguay (CIU) he had estimated the figure to be $100 million; while, in December, the amount owed was believed to be between $15 million and $30 million.
Although this does not necessarily mean that the debt continues to grow—in fact, the CIU highlighted that, since December 12, with the implementation of the new Import Statistical System (SEDI) In the neighboring country, payments have been made in a timely manner—; but more and more producers and exporters are encouraged to provide information to specify the number of existing debt.
Source: Ambito
